August 14, 2013

Thai Union Frozen's H1 2013 profits drop

Hit by foreign exchange losses and volatility in tuna and shrimp prices, Thai Union Frozen Products saw its profits more than halve in the first half of the year.

The company, which owns European brands including John West and Navirre, booked net profit of THB1.03 billion (US$33 million), down from THB2.49 billion (US$79.5 million). Sales were up 1% at THB52.56 billion (US$1.7 billion).

Thai Union said volatility in tuna prices had hit "customer confidence". It also pointed to continued high prices of shrimp, which had been pushed up by disease that has hit stocks.