Bangkok--25 Feb--CPF
Charoen Pokhpand Foods Public Company Limited or “CPF” reported the company and subsidiaries 2008 operating result as follow:
For 2008 CPF sales revenue was 156,238 million baht and net profit was 3,128 million baht. Compared to the previous year, CPF’s sales revenue and net profit increased 16 percent and 145 percent, respectively. Dividend payment for 2008 will be 0.19 baht per share.
Sales revenue amounted 156,238 million baht has reached the Company 2008 sales revenue target. Sales revenue was generated from domestic operation 63%, export 16% and oversea operation 16%. Meat business in domestic market turned around from loss in 2007 to normal. In the first quarter of 2007 the Company had operation lost amount 1,135 million baht due to the unusual low meat price in domestic market. Meat price in domestic market started to recover since the second quarter of 2007. However, eggs business still has loss operating result until now.
Year 2008 was the most challenge year for the Company since the world economic crisis caused high volatility in consumer products including oil and raw material for animal feed. Oil price and raw material price have increased drastically during the year and declined sharply at the end of the year. CPF has slow down its investment and business expansion while increasing efficiency to reduce its cost.
However, in year 2009 the world economic may continue in recession and there still no sign of recovery. Unemployment rate has been increasing in many countries which will affect the world consumption. CPF will operate carefully in all area including production, marketing and finance. However, CPF’s products are essential for living with its strategy to expand its business more towards ready-to-eat meal under its CP brand. The focus has materially on food safety and hygienic during production. In addition the operation in Russia will begin this year. Thus, the Company’s operation should be better than 2008, quoted Mr. Adirek Sripratak, President and Chief Executive Officer of CPF.
For the year 2008, CPF announced dividend payment for 2 times totaled 0.19 baht per share or 58 percent of the Company net profit (the Company only). Such dividends are derived from the profits which were exempted from corporate income tax. Therefore, recipients are not subject to withholding tax. The Company’s Board of Directors has announced dividend payment for the first 6 months 0.08 baht per share and dividend was paid on 11 September 2008. The Company’s Board of Directors Meeting held on February 25, 2009 passed a resolution approving the annual dividend payment for the year 2008, at Baht 0.11 per share. (The Board of Directors meeting on 25 February 2008 resolved to pay dividend for the second half of year 2008 amount 0.11 baht per share.) In this regard, the Board set the record date for the right to receive the dividend on April 1, 2009 and the share register book shall be closed on April 2, 2009 for compliance with Section 225 of the Securities and Exchange Act B.E. 2535. Additionally, the dividend payment will be made on May 21, 2009.
For more information please contact:
CPF Communication & Public Relations
Tel 0-2625-7343-5 , 0-2631-0641 , 0-2638-2713