November 14, 2006

Thailand's TUF's sales rises 11 percent

Thai Union Frozen Products Plc (TUF), a processor and exporter of canned and frozen seafood, reported an 11 percent rise in sales in the third quarter to US$389.2 million from US$351.1 million in the same quarter last year.

The improved performance was in spite of the strong baht, which gained nearly 10 percent against the US dollar.

Net profits climbed 2.8 percent to 677.5 million baht (US$18.6 million) from 659.2 million (US$18.1 million). 

The improved performance was due mainly to efficient cost management, broadened distribution channels and new product innovation, according to president Thiraphong Chansiri.

Half the increase in sales was due to greater exports of tuna.

A little less than 60 percent of all exports went to the US, followed by Japan, the European Union, Asia, Africa and Australia.

Thirapong said TUF had also successfully expanded its shrimp-feed market, at home and aboard, by up to 39 percent from last year, adding that shrimp feed is another product with high potential and promising growth outlook.

He said that TUF had also streamlined its strategy and products to better meet demand for each product.

The company has recently introduced ready-to-eat frozen food under a new brand and held roadshows in Europe, Asia and the United States.