Thailand’s CP Foods (CPF) posted USD 4.5 billion in revenue for Q3 2022, up 27% yoy. Revenue from local operations rose 26%, while overseas businesses grew 28%. Net profit was USD 143.2 million, compared to a loss of USD 150.7 million in Q3 2021. Gross profit rose 15% over 9% the previous year. CEO Prasit Boondoungprasert said severe pork shortage pushed pork prices up. Amid the shortage, demand for chicken grew, driving up prices. Meanwhile, pork prices in China climbed following a reduction in pig supply, he said.
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