TUF net jumps 21% in 1st half despite euro
Thai Union Frozen Products showed net profit of nearly Bt2.5 billion in the first half of this year, up 21 per cent from the same period of 2011, after the company expanded in Asia, Europe and the United States.
TUF president Thiraphong Chansiri said that although Europe faced an economic crisis, it did not affect the company’s business because of its strategy to balance its portfolio both domestically and overseas. The company is also confident of continued growth in the current second half.
However, he acknowledged: "Europe’s crisis will challenge our business expansion."
TUF took over MW Brands, a European seafood company headquartered in Paris, in 2010. Thiraphong said the investment had shown benefits, as MW Brands had continued to record growth in both sales and net profit.
He said the company planned to upgrade its Select and Fisho products with new packaging and logos as it exports both brands to Asean states, especially Myanmar, Vietnam, Laos and Cambodia.
The company is also looking into expanding in South America, the Middle East and Africa, he said.
Yesterday the company’s board of directors approved an interim dividend of Bt1.10 per share based on its financial results in the first half.
TUF announced revenue of Bt52.55 billion for the first six months, up 9.7 per cent from the same period last year, and net profit of Bt2.46 billion, up 21 per cent.
