Charoen Pokphand Foods Pcl (CPF) , Thailand's largest meat and feed producer, reported a 14 percent drop in quarterly net profit as falling meat prices and lower sales outweighed gains from asset sales and foreign exchange.

CPF shares lost 2 percent to a two-month low of 19.50 baht on Thursday.

The company said it expected its loss-making shrimp business to return to profit in 2016 after steadily recovering from an outbreak of a serious disease in 2012.
Net profit was 3.57 billion baht ($99.8 million) for the third quarter, highest since the same quarter last year when it made a profit of 4.16 billion baht. This compares with the average 3 billion baht forecast by seven analysts polled by Reuters.

Third-quarter sales were down 0.4 percent at 111.9 billion baht, of which 67 percent came from overseas operations, the company said in a statement.
      CP Foods, controlled by billionaire Dhanin Chearavanont's Charoen Pokphand Group (CP), is still looking for opportunity to buy assets overseas to offset weaker domestic demand and the impact from weak economy, CEO Adirek Sripratak said in the statement.

      Adirek said the company would focus on high-growth markets in Russia, Vietnam, the Philippine and India.

The company's earnings should remain weak in the fourth quarter as meat prices have not recovered, Finansia Syrus Securities said in a note, but expected earnings growth in 2016. ($1 = 35.7700 baht) (Reporting by Khettiya Jittapong; Editing by Stephen Coates and Gopakumar Warrier)