Charoen Pokphand Foods (Plc) or CPF reports THB 119,617 million  turnover in 1Q/2017, up 13% year-on-year. Offshore business accounts for 70% of the total sales whilst the domestic market shares 30%, net profit THB 3,955 million, up 5% year-on-year.

Mr.Adirek Sripratak, Chairman of the Executive Committee, said the business performs in line with the projection. Aquaculture business has rebounded and broiler exports have grown positively. However, swine business has been adversely affected from oversupply across the region. Gross margin declines across the board in Vietnam, Cambodia and Thailand compared with 1Q/2016.  Offshore businesses in China, Russia and the Philippines have expanded remarkably.
 
CPF Board of Directors meeting on May 11, 2017 resolved to propose to shareholders at the 1st extraordinary shareholder meeting on June 27, 2017 to approve the company’s plan to raise registered capital THB 1,548,588,386, up from THB 7,742,941,932 to a total of THB 9,291,530,318 by issuing THB 1,548,588,386 ordinary shares with a par value 1 baht each. The new shares will be allocated to existing shareholders at the ratio of 5:1, THB 25 apiece. Registration book of shareholders closing date is May 29, 2017.
 
The proceeds will be used for refinancing loans or debentures to reduce financial expenses incurred from debts and interests and thereby improving the company financial performance. Also, the raised capital will partially set aside for future investment./