Thai canned tuna exporter Thai Union Frozen Products has reported a doubling in first-quarter net profit, helped by strong sales of its seafood products.

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Thai Union Frozen, which sells its tuna under the Chicken of the Sea brand, posted first-quarter net profit of 747m baht (US$17.6m), compared to 305m baht in the year-ago period.

Analysts had forecast profit of 404m to 550m baht, reported Reuters.

Thai Union Frozen said the surge in net profit came from sales growth of 15% to $223m, helped by a better contribution from its US subsidiary Chicken of the Sea.

Tuna accounts for 60% of Thai Union Frozen’s total sales, while a fifth of its earnings come from US canned tuna sales. Chicken of the Sea has an18% share of the US canned tuna market.

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