CP Foods posts improved Q3 sales and earnings

CP Foods posts improved Q3 sales and earnings

Charoen Pokphand Foods, the Thailand-based food group, has reported higher third-quarter sales and profits, with the company citing domestic and international factors.

The company posted a 45% jump in third-quarter net profit to THB5.18bn. Charoen Pokphand Foods said its livestock business in Thailand had "returned to [a] normal situation", while its domestic shrimp operations had continued to recover after being hit by disease. The company also pointed to an improved performance from its unit in Vietnam.

Revenues grew 10% to THB122.55bn amid higher sales at home and abroad.

Last week, after the third-quarter results were published, Charoen Pokphand Foods announced the acquisition of 70% of Chinese poultry firm Fujian Sumpo, a deal made through the Thailand-based food group's Hong Kong-listed venture CP Pokphand Co.

Last month, the company said it had bought a majority stake in UK foodservice supplier Foodfellas.

It also outlined plans to build a production plant in Thailand to produce "healthy soup" aimed at "elderly people and patients"