January 20, 2005

Thai canned tuna firm declares 2005 growth estimate

Thai Union Frozen Products PCL (TUF.TH), the world's second-largest canned tuna producer, projects both revenue and net profit in 2005 to surge more than 15% in dollar terms, thanks to lower production costs and increased demand for shrimp products.

This will help the company reach its revenue target of $2 billion in 2008, said Thiraphong Chansiri, Thai Union Frozen's president.

The company's performance this year should remain strong, thanks to lower raw materials costs for tuna products as well as expectations that the U.S., TUF's main market, will scrap tariffs on Thai shrimp imports following last month's devastating Asian tsunami, said Thiraphong.

TUF posted revenue of $1.15 billion in 2004, up 15% from the previous year.