In the UK, CP Foods launched Taste Inc last year in a bid to target the growing snacking segment

In the UK, CP Foods launched Taste Inc last year in a bid to target the growing snacking segment

Thai food group Charoen Pokphand Foods has reported an increase in profits for the first nine months of the year.

In the nine months to 30 September, CP Foods net profit reached THB9.75bn (US$274.4m), compared with THB5.31bn a year earlier.

Revenue grew 7% to THB112.39bn, with sales from both its domestic and its international businesses rising 7%.

During the third quarter, net profit rose 57% to THB4.16bn. The firm said the increase was supported by higher meat prices this year.

Sales for the third quarter were up 7% to THB112.39bn compared with a year earlier.

In a statement on its website, CEO and president Hobby Sriprataks suggested the possibility of acquisitions in the future saying that acquisitions would be related to the core business of the company.

He anticipates the company's future growth to "mainly come from foreign countries...including acquisitions that can create value added business to the company," he said.