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.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now