Covid-19 weighs in on CPF’s Q3 earnings

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CP Foods reported a net loss of USD 164 million in Q3 2021 as Covid-19 impacted operating expenses and consumer purchasing power. Sales revenue fell 20% year-on-year to USD 3.84 billion. Gross profit dropped to 9%, hurt by lower pig prices, higher production costs and feed raw material prices. CEO Prasit Boondoungprasert said this year has been challenging. CPF’s Covid-19 prevention measures raised costs and affected production capacity. However, Thailand has eased travel restrictions, which would improve consumption and meat prices, he said.