Charoen Pokphand Foods Public Company Limited (SET: CPF) announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;
In the first quarter of 2023, sales revenue was THB 143,781 million, of which 61% was contributed by international operations and 39% from Thailand operations. The Company incurred a net loss attributable to the Company of THB 2,725 million during the first quarter of 2023, representing a 196% decrease from the same period of the previous year. The main factors are outlined below:
1) Raw material cost in animal feed production increased by approximately 15% compared to the same period last year while energy and logistic costs also increased. Price of meat, especially swine, decreased from the previous year in many countries, resulting in a decrease of gross profit amounted to THB 2,212 million. The aforementioned cost increase also resulted in THB 752 million share of loss of associates and joint ventures, mainly from international operations.
2) Fair value of biological assets decreased THB 1,139 million due to the lower average swine price in Asia at the end of the first quarter of 2023, compared to that of 2022.
3) Interests and financial expenses increased by THB 1,599 million due to the rise of global interest rates compared to that of the previous year.