Thai Union Frozen Products PLC forecast a 20% hike in net profits and a 10-15% increase in sales revenue despite the strengthening baht.
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Net profit is expected to improve on 2001’s Bt1.51bn (US$34.87m), while sales should rise 10-15% from Bt35.32bn in 2001.
TUF president Thiraphong Chansiri said that foreign exchange was undoubtedly the group’s biggest challenge this year, while raw materials and the market were relatively stable.
“If the baht remains strong, at 43 to the US dollar or below for over six consecutive months, the figures should be reviewed in the second half of the year,” he said. Forecasts were based on an exchange rate of Bt44 to the US dollar.
2001 net profits slipped back slightly in 2001 from Bt1.52bn in 2000, largely attributable to the closure of the company’s San Pedro plant, which incurred a one-off charge of Bt125m.
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By GlobalDataThiraphong said the El Niño weather pattern, which is due to hit Thailand this year, was not expected to adversely affect TUF.
