November 13, 2013
 

Thai Union Frozen's Q3 profits down 38%

Due mainly to the tuna and shrimp businesses, Thai Union Frozen (TUF) products showed the third quarter net profit of only THB1 billion (US$31.6 million), down by 37.7% from the same period last year.
 

Tuna prices rose this year while shrimp supply has been cut by early mortality syndrome (EMS) disease. The company also attributed the declining profitto a loss in an American subsidiary, US Pet Nutrition, as well as higher corporate tax rates in the US and Europe.

Sales revenue in the quarterwas THB29.46 billion (US$931 million), up 4% from the same period last year.

In the first nine months, TUF's net profits plunged by 50.1% from THB4.08 billion (US$129 million) to THB2.04 billion (US$64.5 million). Accumulated sale revenue however rose by 2% to THB82 billion (US$2.6 billion).