Thailand's CP All Q4 net profit surges
BANGKOK Feb 19 (Reuters) - CP All, Thailand's largest convenience store chain, reported a 75 percent rise in quarterly net profit, boosted by strong domestic consumption and a low comparative base as a result of flooding a year earlier.
CP All, a proxy for domestic consumption in Thailand, posted a net profit of 2.76 billion baht ($92 million) for October-December, up from 1.58 billion a year earlier, when sales were hit by the floods.
The quarterly profit was slightly below the 2.9 billion forecast by six analysts surveyed by Reuters.
For 2012, it posted a net profit of 11 billion baht, up from 8.01 billion baht a year earlier.
CP All, controlled by Thailand's wealthiest man, Dhanin Chearavanont of unlisted Charoen Pokphand Group, aims to have 10,000 7-Eleven stores in Thailand by 2018.
The 7-Eleven store operator has 75 percent of the Thai convenience store market. Its direct competitor is Siam Family Mart Co, which is 49 percent owned by Japan's Family Mart and 50.3 percent by unlisted Central Retail Corp, Thailand's largest retail group. ($1 = 29.89 Baht) (Reporting by Khettiya Jittapong; Editing by Alan Raybould)
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