Thai Union 3Q profit slumps
Thai Union Frozen Products third quarter net profit dropped to THB 1 billion, down 37.7 percent from the same time period the previous year.
For the year to date, profit was down by 50 percent to THB 4.1 billion compared to THB 2.04 billion in the first nine months of 2012.
“The reason was the lower gross profit margin of tuna and shrimp business in Thailand, a loss at USPN, a subsidiary in USA and higher income taxes from the US and Europe operations,” the company said.
For the quarter, sales hit THB 29.5 billion, a 4 percent increase from the third quarter of 2012.
For the year to date, sales were THB 82 billion, up 2 percent from the same time period last year.