Thai CP Foods Q4 profit up 17 pct, above f'cast

BANGKOK Feb 22 (Reuters) - Charoen Pokphand Foods Pcl , Thailand's largest agribusiness company, reported a 17 percent rise in quarterly profit on Wednesday, slightly better than analysts' forecasts, due to high farm prices and the expansion of its food and export businesses.

CP Foods, 47.9 percent owned by CP Group, one of Asia's largest agribusiness conglomerates, posted an October-December net profit of 2.4 billion baht ($78.1 million), up from 2.05 billion baht a year before but down from 5.09 billion baht in the third quarter.

The result was slightly above the 2.34 billion baht forecast from 15 analysts surveyed by Thomson Reuters I/B/E/S.

Its 2011 net profit of 15.8 billion baht was higher than the 13.6 billion made in 2010 and beat the 15.6 billion forecast by analysts.

They are positive on the company's earnings outlook this year following its acquisition of a 74.2 percent stake in Hong Kong-listed C.P. Pokphand Co Ltd (CPP) in November.

"We remain positive for its long-term growth. We forecast profit will rise 39 percent this year to 21.4 billion baht, supported by the CPP consolidation," Maybank Kim Eng Securities's KELIVE said in a note.

Last month, the company said it expected sales in 2012 to exceed 300 billion baht.

At the midsession break CP Foods stock was up 1.4 percent at 36 baht while the main Thai stock index was 0.4 percent higher.

($1 = 30.72 Baht) (Reporting by Ploy Ten Kate; Editing by Alan Raybould)