Thai convenience retail giant CP All, which oversees the running of 7-11 stores in the country, has reported higher first-quarter sales and earnings.
CP All booked a 15.6% increase in net profit to THB3.19bn (US$197.4m) for the three months to the end of March.
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Revenue was up 17.3% at THB50.44bn. The company’s network of company-owned and franchised stores stood at 7,041 outlets, up from 6,822 at the end of March 2012.
Last month, CP All said it had made a US$6.6bn takeover bid for Thai cash-and-carry business Siam Makro.
CP All said it has signed a sale and purchase agreement with the major shareholder for the stake, but the acquisition will now need to go to the shareholders’ meeting for approval. A decision is expected by 12 June.
Siam Makro operates around 58 Makro-branded outlets in Thailand in addition to five Siam Frozen outlets. It reportedly generated revenues of THB112bn last year.
