Thailand-based meat giant Charoen Pokphand Foods has reported a 14% fall in third-quarter profits, overshadowing higher first-half earnings and dragging down its year-to-date profitability.
CP Foods booked net income of THB3.57bn for the three months to the end of September, down 14.1% on a year earlier.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
In the first half of 2015, the company saw its net profit rise 6%, helped by the proceeds by the sale of assets. First-half net profit was up 6% at THB5.94bn.
The third quarter meant CP Foods' nine-month net income stood at THB9.51bn, down 2.5% on the corresponding period in 2014.
Rising selling, administrative and finance expenses hit CP Foods' third-quarter profits. It also reported flat sales.
CP Foods' third-quarter revenue dipped 0.5% to THB111.88bn. For the first nine months of the year, revenue was down 1.4% at THB311.78bn.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIn the first half of the year, the group's revenue dropped 2% amid falling sales domestically and in China.
