Record high profits in TUF’s 3Q

By

SeafoodSource staff

Published on
November 14, 2014

Thai Union Frozen Products (TUF) profits hit a company high in 3Q 2014, riding on profit margin expansion and cost management.

In a statement, the company said it earned a net profit of THB 1.9 million (USD 57.8 million, EUR 46.5 million) in the quarter, an increase of 91.4 percent compared to the same quarter in 2013.

“The net profit jumped mainly due to gross profit margin expansion as a result of well-managed operating cost, reversal of accrued interest expenses booked in the previous quarter, and the turnaround of the U.S. pet food business,” the company wrote in its report. The company also cited “outstanding performance of branded tuna business.”

It’s been a good year for TUF overall. Net profits are up 115.6 percent over the first nine months of 2014 compared to 2013. Even shrimp is doing well, despite shortages caused by disease.

“We will continue to enhance our capability in operation management, strategic sourcing and financial management to grow our business in a sustainable manner,” said Thiraphong Chansiri, TUF president and CEO. “Our ambition to grow and the recent acquisitions will ensure we are on track to hit our USD 8 billion (EUR 6.4 billion) sales target by 2020.”  

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