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Thai CP Foods Q1 net profit jumps 44 pct on asset sales
May 15, 2015 / 1:16 PM / 3 years ago

Thai CP Foods Q1 net profit jumps 44 pct on asset sales

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)

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