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Charoen Pokphand Foods Public Co. Ltd. : CPF Q1 Net Profit Soared 229% to THB 12,113 million

05/11/2012 | 07:38am US/Eastern

Mr. Adirek Sripratak, President and Chief Executive Officer of Charoen Pokphand Foods Public Company Limited (the "Company" or "CPF") reported its first quarter 2012 net profit of Baht 12,113 million, an increase of 229% from 2011 first quarter net profit. The jump of net profit was mainly due to the acquisition of C.P. Pokphand Co., Ltd. or "CPP", a listed company on the Stock Exchange of Hong Kong Limited ("HKSE"), which was closed in the first quarter of this year. As for Thailand operations, CPF management believes that the government understands the problem of Thai commodity prices and now the farm product prices have already passed its rock bottom.

The acquisition of CPP coupled with the financial reporting standard No. 3 (revised 2009), Business Combinations, resulted in the Baht 8,673 million gain on fair value adjustment of investment in C.P. Vietnam Corporation ("CPV") which CPF invested at 29% before its acquisition of CPP, holding the rest of CPV or 71%.

As for the consolidated sales of CPF and its subsidiaries, CPF reported its first quarter consolidated sales of Baht 73,480 million, an increase of 61% from last year. Thailand operation sales growth was 11% compared to last year with the overseas sales growth of 205%. The acquisition of CPP created the change in the consolidated sales structure of CPF by reducing the Thailand operations sales proportion from 74% to 51% and increasing the Overseas operations sale proportion from 26% to 49%.
First quarter of this year is the first quarter which CPF started consolidating part of CPP first quarter financial results. CPF holds approximately 74% of CPP shares after the transaction was closed on March 8, 2012. CPP operates agri and agro-industrial businesses in China and Vietnam where CPF foresees high growth opportunities in agri business. As for the first quarter net profit of CPP, CPP reported a net profit of US$ 49 million or approximately Baht 1,520 million, an increase of 58% from 2011 first quarter net profit.

Mr. Adirek said that CPF future growth driver would mainly come from the Overseas operations. CPF has invested in the countries where there are high growth potential in agro-industrial and food businesses especially in China, Vietnam, India, Russia and Philippines. As for Thailand operations, food and shrimp export businesses are the main growth drivers. However, the Company expansion plan also includes merger and acquisitions which currently CPF is looking at many investment opportunities.

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