CPF Group sees net profit nearly double

Higher meat prices, lower raw material costs, recovery in shrimp business drove results

The net profit of Charoen Pokphand Foods Pcl (CPF),Thailand’s largest meat and animal feed producer, nearly doubled in the first quarter, according to a report. The jump was driven by higher meat prices,lower raw material costs and a recovery in shrimp business.

CPF posted a net profit of 2.05 billion baht ($63.2 million) for the January-March quarter, up from 1.03 billion baht a year earlier.

First-quarter sales rose 12 percent to 98 billion baht from a year earlier, with international operations up 16 percent and domestic sales up 7 percent.

Lower meat prices, weakness in foreign operations, and the impact from a shrimp disease have hurt the company’s profit since the second half of 2012.