Thai seafood producer Thai Union Frozen Products (TUF) has said it expects revenue and net profit to rise by more than 15% in 2005 due to lower production costs and increased demand for shrimp.

This increase is a step towards achieving its target of revenue of US$2bn in 2008, company president Thiraphong Chansiri told Dow Jones Newswires. For 2004 the company reported revenue of $1.15bn, an increase of 15% from 2003.

Thai Union Frozen said it expects its performance this year to be boosted if the US reduces tariffs on imports of Thai shrimp after the recent devastating tsunami.