November 14, 2007

TUF reports 34 percent sales decline in Q3

Thai Union Frozen Products, the country's largest exporter of canned and frozen seafood, reported a 34 percent decline in its third quarter revenue due to a strong Thai currency and high tuna prices.

TUF reported a third-quarter net income of US$13.3 million compared to US$20.1 million last year. Sales in US dollars for the third quarter grew by 4 percent from US$12.3 million to US$12.7 million. However, the third quarter sales in baht terms decreased by 6 percent.

TUF's biggest earner is still tuna, which accounted for 47 percent of sales. This is followed by frozen shrimp at 22 percent, canned seafood at 9 percent, canned pet food at 8 percent, shrimp feed at 6 percent, domestic products at 5 percent, and frozen cephalopod at 3 percent.

Major export markets are the US, Japan and EU.