Impressive 1Q for Thai Union
Thai Union Frozen Produced on Monday released its first-quarter results, including year-on-year growth in sales by 49 percent in U.S. dollar terms and 39 percent in Thai baht terms.
Thailand's No. 1 producer and exporter of canned and frozen seafood products posted first-quarter sales of USD 743 million, up from USD 498 million in the first quarter of 2010; it reported first-quarter sales of THB 22.7 billion, up from THB 16.3 million in the first quarter of 2010.
Net profit surged 114 percent to THB 753 million in the first quarter of 2011 from THB 352 million in the fourth quarter of 2010. First-quarter net profit, however, declined 9 percent year-on-year from THB 831 million in the first quarter of 2010.
According to Thai Union, its first-quarter results indicated “strong” performance across all product lines. “Tuna products, in particular, reported significant sales growth both in volume and value term by 52 percent and 82 percent, respectively, thanks to the acquisition of MW Brands. Shrimp products registered 3.7 percent and 20 percent sales growth in both volume and value, respectively,” said Thai Union.
“Continual sales growth were still made possible, although the company was faced with unfavorable impacts from aggressive price hike of tuna and shrimp raw materials by up to 47 percent and 26 percent, respectively,” from the first quarter of 2010 to the first quarter of 2011, explained the company.
Thiraphong Chansiri, the company’s president, said Thai Union will continue to move forward “without interruption” after the acquisition of MW Brands. “It is important that MW Brands successfully delivered satisfactory results in the first quarter of 2011 with sales and profit margins well on track,” he said.