TUF's third quarter profits plunge 38%
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Thai Union Frozen Products showed the third quarter net profit of only Bt1 billion, down by 37.7 per cent from the same period last year, due mainly to the tuna and shrimp businesses.
Tuna prices rose this year while shrimp supply has been cut by EMS disease.
In a statement, the company also attributed the declining profit to a loss in an American subsidiary, US Pet Nutrition, as well as higher corporate tax rates in the US and Europe.
Sale revenue in the quarter was Bt29.46 billion in baht term, up 4 per cent from the same period last year.
In the first nine months, the net profits plunged by 50.1 per cent from Bt4.08 billion to Bt2.04 billion. Accumulated sale revenue however rose by 2 per cent to Bt82 billion.
