Thailand’s largest food producer Charoen Pokphand Foods (CPF) has seen the company slump to a loss during the first three months of the year.
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CPF said the effect of a strong Thai baht on exports, as well as lower product prices, had led to it posting a loss of THB1.1bn (US$337m). The result compared to a net profit of some THB550m a year earlier.
CPF is Thailand’s largest poultry exporter and the company said the recent outbreak of bird flu in the country had hit consumer confidence and lowered prices.
The company added that there had also been outbreaks of bird flu in Turkey last year, where it operates a subsidiary.
Nevertheless, group revenue rose 6% to THB29bn thanks to rising sales across Asia. In Thailand, by far CFP’s largest market, sales dipped 1% to THB19.8bn.
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By GlobalData
