Charoen Pokphand Foods, the Thailand-based meat and seafood group, saw its earnings in the first half of the year rise despite a sharp fall in segment profits from its livestock division.
The company posted profit for the six months to the end of June of THB8.02bn (US$240.8m), up 3.1% on the corresponding period of 2016.
CP Foods booked a 10.5% rise in revenue to THB245.59bn. The company said in February it was targeting a 10% increase in sales for 2017 as a whole.
The group saw revenue from both its two divisions – livestock and aquaculture – rise. However, segment profits from its livestock business fell 77.3% to THB3.75bn. CP Foods said the oversupply of pigs in Asia, particularly in Vietnam Cambodia and Thailand, affected its results. The company said: “It is expected that the oversupply problem will be eased which it should help pull up pork price in Asia better than in the first half this year.”