Thai Union Frozen Products has reported a drop in third-quarter profits due to higher input costs associated with the rising price of shrimp and tuna.
The owner of European brands including John West and Navirre said net profit fell 37.7% year-on-year, dropping to THB1bn (US$31.8m). The decline was attributed to lower gross margin on shrimp and tuna products, a loss at its US subsidiary and higher income taxes from US and European operations.
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Global prawn prices have surged this year due to a squeeze on supply due to an outbreak of Early Mortality Syndrome (EMS) in south east Asia.
Sales in the three-month period rose 4% to THB82bn.
Click here to view the company’s announcement.
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