Monday, November 9, 2009

Thailand's Charoen Pokphand Foods posts record highs

UPDATE 1-Thai CP Foods Q3 net profit at record high

* Lower costs push up Q3 net profit

* Nine-month net profit exceeds full-year forecasts

* Shares up 2.6 pct, results published after the close (Adds details)

BANGKOK, Nov 9 (Reuters) - Charoen Pokphand Foods PCL (CPF.BK), Thailand's biggest chicken exporter, reported record quarterly earnings on Monday thanks to higher exports plus a fall in costs that boosted margins.

July-September net profit was 4.12 billion baht ($123.8 million), or 0.61 baht per share, up from 1.39 billion baht a year before and beating its previous quarterly record of 3.2 billion baht scored in the second quarter.

The result was above the average 3.6 billion baht forecast by three analysts polled by Reuters.

Sales for the quarter were up 1.8 percent at 44 billion baht, with production costs falling 5.3 percent to 35.2 billion baht, its statement showed. Total costs dropped 5.2 percent to 39.8 billion baht, it said.

Analysts expect a record annual profit this year due to higher prices for its products, the falling cost of raw materials, higher gross margins and better returns on investment in overseas businesses.

Net profit for the first nine months rose to 8.1 billion baht, above a full-year net profit forecast of 7.7 billion baht on revenue of 162.5 billion from 11 analysts polled by Thomson Reuters I/B/E/S.

CP Foods shares were up 2.6 percent at 9.8 baht on Monday, when the main Thai stock index .SETI climbed 2.1 percent. The results were published after the market closed. ($1=33.29 Baht) (Reporting by Viparat Jantraprap; Editing by Alan Raybould)

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