Hong Kong-listed CP Pokphand expects $300m-$330m net profit
Charoen Pokphand Foods (CPF) reported that its subsidiary in Hong Kong, CP Pokphand (CPP), expects to achieve a first-half net profit of US$310 million to $330 million (Bt10.4 billion), a significant increase of $82 million compared to the same period last year.
CPF had earlier reported to the Stock Exchange of Thailand that it holds direct and indirect shares of 52.24 per cent in CPP, a listed company in Hong Kong.
CPP has benefited from a surging pork price in Vietnam in the first six months of the year. Moreover, the negative impact on the fair value of its biological assets in the livestock business in Vietnam has also dropped, a company press statement said.