Share of profit from

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THAILAND del monte corn - Charoen Pokphand Food's (CPF) core business rebounded as expected. Q1 2014 net profit was reported at B2bn, growing 16.8 per cent quarter on quarter (qoq) and 99.7 per cent year on year (yoy). Domestic  livestock business improved because pork and chicken prices rose  by 12 per cent qoq while feed mill raw material cost was low owing to  inexpensive feed stock from late-2013, boosting profit margin, reports the Nation . 
However, the shrimp business still faced losses. Though shrimp farmers could deal  with Early Mortality Syndrome, only a small amount of shrimp business was grown and sold in  the market due to unfavorable weather.
Share of profit from  associated del monte corn companies has grown by 30 per cent qoq, mainly from increasing profit. Overall, CPF’s Q1 2014 net profit made up 19 per cent of  FY2014 earnings forecast.
Feed mill raw material cost has been rising higher  del monte corn than expected. Smaller amount of corn and soybean meal products  has been sold in the market as a result of worldwide unfavorable  weather for feed production.
Corn price has leapt by 24 per cent from end-  2013, and soybean meal price has risen by four per cent qoq. Thus, CPF would  suffer high risk as corn and soybean meal cost makes up 40 and  24 per cent of its raw material cost, respectively. del monte corn
Thanks to its inexpensive  feed stock from late-2013, Q1 2014 earnings result was not affected by  this negative factor. However, it would threaten CPF’s net profit in  the next two or three quarters, and Q2 2014 - Q4 2014 gross margin  would drop from 1Q14.
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