Asia’s top exporter of canned tuna, Thai Union Frozen, has reported a leap of 142% in third-quarter earnings.
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The company, which markets its tuna under the Chicken of the Sea brand, reported third-quarter net profit of 463m baht (US$10.7m), compared to last year’s third-quarter profits of 191m baht. TUF attributed the increase to better profit margins and increased demand in the US.
TUF reported that its sales growth in US dollars had risen by 3% and that its US subsidiary, Chicken of the Sea, had recorded stronger earnings. Analysts estimate that US canned tuna sales account for 40% of TUF’s sales and 20% of its earnings, reported Reuters.
