By SeafoodSource staff
Published on 07 November, 2012
A rise in tuna sales, along with paying down some corporate debt, led to an increase of nearly 5 percent in third quarter net profit increase over last year for Thai Union Frozen Products, according to the company’s latest report.
The company, best known for producing Chicken of the Sea brand canned tuna, posted a net profit of THB 1.6 billion (USD 52 million, EUR 40.8 million), a 4.6 percent increase compared to the THB 1.5 billion (USD 48.8 million, EUR 38.2 million) profit recorded in the third quarter of 2011. The company’s reported noted “strong business operations and steady growth of each business unit, especially tuna and sardine/mackerel products.”
The report also noted the company paid down a debt, reducing interest payments in the third quarter.
Sales went up, too, to THB 28.3 billion (USD 920.4 million, EUR 721.8 million), a 12.8 percent increase from THB 25.1 billion (USD 816.3 million, EUR 640.5 million) registered during the same time period in 2011. The company experienced a 9.1 percent growth in U.S. dollar sales.
For year-to-date figures, the company’s net profit of THB 4.1 billion (USD 133.4 million, EUR 104.7 million) has gone up 13.8 percent from THB 3.6 billion recorded at this time a year ago. Year-to-date sales performance went up 10.6 percent from THB 72.7 billion (USD 2.4 billion, EUR 1.9 billion) last year to THB 80.4 billion (USD 2.6 billion, EUR 2.1 billion).