THAILAND: Thai Union Frozen H1 profits climb

TUF Posts Bt 2,469 Million in Net Profit for First-Half Operations
21% Profit Expansion Seen against Slowing European and US Economies
Firm Still Going Strong to Achieve Further Growth
TUF announced its overall operating performance for the first 6 months of 2012 with growth seen in both sales and net profit. MW Brands operations in Europe continued to deliver strong performance with stable margin. Persisting European economic crisis has had no adverse impacts on the Group's operations. Net profit
for the period was recorded at Bt2,469 million, up 21%. Sales grew both in US dollar and baht by 7% and 10%, respectively. The Company is ready for generating further growth to achieve annual sales growth target of USD
5,000 million by 2015.
Thiraphong Chansiri, president of Thai Union Frozen Products PCL. (TUF), the world's leader and expert on innovative and quality seafood products with global brand portfolios, revealed that, for the first half of 2012, the Company made a net profit of Bt2,469 million, up 21% from the same period of 2011 when it posted Bt2,044
million in net profit. Earnings per share for the first half were Bt2.15. The period also saw sales growth in US dollar by 7% from USD1,564 million in 2011 to USD1,674 million in 2012. Meanwhile, sales in Thai baht also expanded by 10% year-on-year to Bt52,062 million when compared to Bt47,565 million.
The Q2/2012 operating performance continued to exhibit strong profit growth, hitting Bt1,402 million, orup 9% from Bt1,284 million Q2/2011. There was an extraordinary accounting treatment during the quarter in
relation to a net-of-tax expense (worth approx. Bt400million) as a result of amortization of a deferred finance fee incurred by the acquisition of MW Brands 18 months ago. It is because the Company spent the amount of Bt9,563 million raised through its recent capital increase in May for a loan repayment. In accordance with
current accounting standards, the remaining deferred finance expense of the loan had to be realized fully and immediately. Because of this, this amount would be treated as a charge against the quarter's net profit.
Therefore, the net profit for the quarter dropped to Bt1,002 million.

Original source: Thai Union Frozen