February 27, 2008

TUF reports 4 percent decline in 2007 net profit
 

Thai Union Frozen (TUF) has announced a loss of 4 percent in 2007 net profit due to high tuna prices, appreciating currency and corporate tax.

Net profit for 2007 was US$60.8 million, down from US$63.5 a year ago, according to the company's financial statements that were released on Tuesday.

Analysts said the company's earnings were affected by Thai baht appreciation and increased prices in raw tuna, and tuna products account for about half of the company's total sales.

The company's corporate tax has also surged to US$8.8 million from US$4.4 million, a staggering 50-percent increase.

Sales in 2007 had increased slightly to US$1.85 billion from US$1.84 billion in 2006. Sales cost had also increased to US$1.6 billion from US$1.5 billion.

Thai Union Frozen is Thailand's largest canned and frozen seafood processor and exporter.