Newsfeed

The Gold Confidence Index for August dropped below 50 for the third month in a row, down 3.65 points to 43.87 month-on-month, after the US Federal Reserve signalled its likely intention to raise rates this year, according to the Gold Research Centre.

Kamonthan Pornpaisarnvijit, the GRC director, said the index being below 50 reflected a negative attitude towards gold prices.

Despite a 7.5 per cent drop in global gold prices last month, gold traders surveyed do not expect a large drop in local gold prices thanks to the likely depreciation of the baht.

The three-month expected Gold Confidence Index fell by 2.31 points to 49.28, mirroring uncertainties over the recovery of gold prices in the medium term.

Local gold price are expected to be between Bt17,000-Bt19,500 per baht-weight during the month.

union sales boost

Thai Union Frozen Products reported a resilient operating result for the second quarter as sales reached Bt30.64 billion with an improved gross profit and operating margin.

In addition to the continual contribution from the recent acquisitions of MerAlliance, King Oscar and Orion Seafood, the company’s gross and operating margins have recovered strongly despite challenging market conditions and the deep depreciation of the euro a year ago.

During the first six months of the year, the company’s cumulative net profit was Bt2.91 billion, up 18.1 per cent on the same period last year.

It also announced a first-interim dividend of Bt0.32 per share for its half yearly performance, of which Bt0.04 per share will be tax free.

The XD is set for August 25, said the company’s president and chief executive Thiraphong Chansiri.

asean retailers’ expo

Over 100 retail and franchise operators from 20 countries will join RetailEX FranchisEX Asean 2015, an upcoming Asean exhibition and conference for retail and franchises at Impact Muang Thong Thani.

Organised by the Thai Retailers Association and its |business allies, the event is expected to generate more than Bt1 billion.

RFA 2015 will run from September 17-19 at Hall 4.

kce profit up 8.1%

KCE Electronics recorded total revenue of Bt3.04 billion and a net profit of Bt490.1 million in the second quarter, up 8.1 per cent and 2.3 per cent on the same period of last year, the company executive chairman Bancha Ongkosit said.

Meanwhile, Ratchaburi Electricity Generating Holding announced its operating performance for the first half of the year – a profit of Bt2.31 billion and total revenue of Bt30.78 billion.

Its commercial operations capacity increased by 344 megawatts through the Ratchaburi World co-generation power plant and unit 1 of the Hongsa power plant, the company’s chief executive Pongdith Potchana said.