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February 26, 2009

Thai CP Foods upbeat over 2009 revenue
Charoen Pokphand Foods, Thailand's largest chicken exporter, said on Wednesday its 2009 sales would exceed the 156 billion baht ($4.37 billion) achieved last year, helped by both domestic sales and exports.

The firm aimed to control costs and would be more cautious about expanding due to the global and domestic downturn, Reuters quoted Managing Director Adirek Sriprathak as saying in a statement.

He said in December he expected a 5 percent increase in 2009 revenue, in line with analysts' forecasts. Ten analysts polled by Reuters Estimates expected a small increase in 2009 net profit to 3.5 billion baht.

CPF reported a consolidated net profit of 3.13 billion baht for 2008. Domestic sales contribute 63 percent of its revenue, exports make up 16 percent and revenue from overseas businesses contributes 16 percent, Adirek said.

Its domestic meat business returned to profit last year due to an increase in prices but its egg businesses were still suffering losses, he said.

CPF operates a chicken business in Turkey, aquaculture businesses in Malaysia and India and a feedstock business in Russia.

The company announced a dividend of 0.19 baht per share for the year, a potential dividend yield of 5.5 percent.

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