CPF’s net profit jumps to B3.13 bln in 2008
The net profit of Charoen Pokphand Foods Plc (CPF), Thailand’s leading agro-industrial and food conglomerate, during last year has increased by 1.45 times from the previous year to about 3.13 billion baht, with the sales revenue reaching almost 156.24 billion baht.
According to its Wednesday’s financial statement to the Stock Exchange of Thailand, CPF said the sales revenue of 156,238 million baht has reached its 2008 target as about 63 percent of the revenue was from the domestic operations, 16 percent from exports and another 16 percent from oversea operations.
The statement said the company’s meat business in domestic market during last year turned around from operation loss of nearly 1.14 billion baht in the first quarter of 2007 due to low meat prices in domestic market to profit after the meat in domestic market had started to recover since the second quarter of 2007 while its egg businesses were still running at a loss.
The company said the year 2008 was the most challenging year since the world economic crisis had caused high volatility in consumer products, including oil and raw material for animal feed, and CPF had to delay its investment and business expansion while focusing on its cost reduction.
For 2009, CPF’s president and CEO Adirek Sripratak said, the company will be cautious in all areas of its operations and carefully expand its businesses towards ready-to-eat products under its “CP” brand with a focus on food safety and hygiene in its production. With a help from the operation in Russia which will begin this year, he said, the company should be able to perform better than in 2008.
CPF currently has about 75 subsidiaries operating in Thailand and overseas. Most of its subsidiaries in Asian countries, including China and India, Europe and USA are operating livestock and aquaculture businesses.
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