BANGKOK, May 15 (Reuters) - Charoen Pokphand Foods, Thailand’s largest meat and animal feed producer, said on Friday first-quarter net profit rose 44 percent thanks to asset sales after its revenues fell.
CP Foods, owned by billionaire Dhanin Chearavanont’s Charoen Pokphand Group (CP), posted a net profit of 2.96 billion baht ($88 million) for the January-March quarter, far above the 795 million baht average forecast in a Reuters poll of six analysts, and up from 2.05 billion a year earlier.
The company said revenues dropped 2 percent in the first quarter from a year ago to 96 billion baht as its farm business was hit by price volatility. Meat prices have fallen from the fourth quarter as rivals ramp up chicken production. ($1 = 33.6 Baht) (Reporting by Khettiya Jittapong; editing by David Clarke)