August 9, 2011

MW Brands acquisition buoys Thai Union Frozen's H1 earnings

Seafood giant Thai Union Frozen Products has posted an increase in first-half profits, bolstered by the consolidation of MW Brands.

For the first half of the year, profits climbed by 17% to THB1.99 billion (US$62.6 million), the firm reported on Friday (August 5). Sales in the period jumped by 40% to reach THB47.90 billion (US$1.59 billion).

For the second quarter, profits reached THB1.24 billion (US$41.4 million), a 42% increase on the prior-year period, while sales soared by 45.3% to THB24.86 billion (US$827 million).

Thai Union Frozen Products became the world's largest seafood firm after acquiring John West tuna-owner MW Brands in July last year.