Hanoi (VNA) - CharoenPokphand Foods (CPF) of Thailand and its subsidiaries have reported that their consolidatedfirst-quarter netprofit skyrocketed by 40 percent year on year to 4.279 billion baht (nearly 134million USD) thanks to their pork business activities in Vietnam.

The combined revenue of the firm hit 125.286billion baht in the first four months of 2019, up 4 percent from the sameperiod last year.

Sooksunt Jiumjaiswanglerg, CEO of Agro Industrial Business andco-president of the CPF, pointed out that an outbreak of African swine fever inVietnam could affect pork prices in the area. 

Farmers would rush to sell pigs over worries about the virus, which wouldinitially cause an oversupply problem on the market, he said, adding the CPFexpects to achieve its annual goals this year.

In terms of investment, the CPF is focusing on business expansion of value-addedproducts, including the acquisition of HyLife, a Canadian pork producer.

The investment in HyLife is expected to allow the CPF to access premium pork marketssuch as Japan and China. The acquisition of HyLife is hoped to be completed inthe last quarter of this year, Sooksunt said.

The CPF sees an opportunity to grow from its business activities abroad, includingVietnam, China, Russia, the US and the Philippines, and other markets.

The firm has set a target to reach 800 billion baht in revenue, up 6-7 percentper annum in the next five years.-VNA