August 4, 2009
Thailand's TUF reports strong Q2 profits increase
Thai Union Frozen Products (TUF) reported a net profit of THB954 million for second quarter 2009, a strong increase of 132.9 percent year-on-year.
This exceeded forecast owing to a fatter gross margin of 16.2 percent as compared to the estimated 15 percent. Also, TUF booked an FX gain of THB37 million in the quarter. Excluding extras the company booked a profit of THB918 million, up 24.1 percent year-on-year and 74.5 percent quarter-on-quarter.
As 1H09 earnings accounted for 68 percent of the original full-year forecast 2009 forecast has been revised up by 13.5 percent to a net profit of THB2.67 billion, with a higher gross margin assumption of 14.5 percent, previously 14 percent, noting a gross margin in 1H09 averaging 14.1 percent, rising to 16.2 percent in 2Q09.
