Raw material prices affect Thai Union’s 2Q

By

SeafoodSource staff

Published on
August 1, 2010

Thai Union Frozen Products announced its operating results for the first half of fiscal year 2010, including a 6 percent increase in profit to THB 1.7 billion, compared to the same time period last year.

Dollar sales increased 3 percent to USD 1.026 billion. However, due to the 7 percent appreciation of the Thai baht, sales revenue fell 4 percent to THB 33 billion.

The Bangkok-based canned tuna and shrimp farming company’s second quarter sales dipped slightly to THB 17.1 billion, down from THB 17.2 billion last year.

In the second quarter, net profits also dropped 9 percent to THB 873 million compared to THB 955 million in the second quarter of 2009.

The company said all of its overseas subsidiaries showed strong performance despite the volatility in prices of key raw materials and the appreciation of the Thai currency.

For the second quarter, tuna products still made up the largest share in the company’s product portfolio at 39 percent, followed by frozen shrimp (24 percent), canned cat food (9 percent), canned seafood (8 percent), products for the domestic market (7 percent), shrimp feeds (7 percent), canned sardines and mackerel (3 percent) and frozen cephalopods/salmon (3 percent).

Last week, Thai Union announced it acquired MW brands and its iconic Jon West canned-fish brand from New York-based Trilantic Capital Partners.

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