Canned seafood producer Thai Union Frozen Products (TUF), has more than doubled its first-half earnings, the company said today (30 July).
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Net profit during the first six months of the year reached THB1.6bn (US$47m), up 63.8% from a year ago.
Despite the current global economic crisis, the company said its strength in cost control and inventory management have propelled it to a new height and assured that its ambitious target for the second half this year could be met.
TUF said it is aiming for a 10-12% rise in net profit for 2009 from THB2.2bn in 2008.
Meanwhile, sales revenues rose 8.2% from THB32.2bn in Baht terms. Sales in US dollar terms however, dropped slightly by 0.1% to $995.8m.
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By GlobalDataTotal revenues for the first six months stood at THB35.4bn, an increase of 8.2% from a year ago.
President Thiraphong Chansiri said: “We are very satisfied with the remarkable growth rate and the level of net profit in this quarter. This is probably the second time in our corporate history that the year-on-year quarterly profit growth rate reached such a high level.
“Sales in Thai baht term is still on an uptrend despite the unfavourably strong value of Thai baht. We have undertaken necessary measures to manage the currency risks and been closely monitoring any movement in the international financial markets.”
Thirapong added that the company is confident it can meet its annual sales and profit growth targets during the rest of the year.
