Thai Union Frozen Products expects its revenues to increase 12 percent this year due to higher sales and tuna prices, Thailand's largest seafood company announced yesterday.
Thai Union's 2007 sales jumped 11 percent to $1.61 billion. But in baht terms, 2007 sales grew only 1 percent to 55.51 billon baht, while revenues also rose just 1 percent to 56.07 billion baht.
"After all, 2007 was considered a good year in terms of sales," Thai Union President Thiraphong Chansiri told the Bangkok Post. "Throughout the year, we were hit hard by many negative factors, particularly the strong Thai baht and sharply rising fish raw material prices since the second quarter of 2007. But we managed to pull through and stay profitable."
Chicken of the Sea shelf-stable seafood products represents about one-third of Thai Union's sales. Last year, tuna comprised half of the company's total sales, followed by frozen shrimp at 20 percent and canned seafood at 9 percent.
