Thai Union is the owner of European seafood brands including John West

Thai Union is the owner of European seafood brands including John West

High tuna and shrimp prices have eaten into third-quarter profits at seafood giant Thai Union Frozen Products.

The company today (1 November) booked net profit of THB817m (US$27.4m) for the three months to the end of September, down almost 19.7% on a year earlier.

Thai Union, which struck a deal in July to buy John West owner MWBrands, said "escalating" raw-material prices had "inevitably affected margins".

The group said tuna prices had been "relatively volatile", while the price of shrimp had jumped 20-30%.

Thai Union posted a 3% increase in sales to THB17.43bn. In US dollars, sales were up 11% but the strengthening of the Thai baht had weighed on sales.

In the first nine months of 2010, net profit fell 4% to THB2.63bn. Sales dipped 1.8% to THB50.86bn.