Thai Union Frozen has booked an increase in first-quarter profits as higher sales and improved margins strengthened the bottom line.
The Thai food maker, which owns the UK seafood brand John West, said sales increased to THB27.94bn (US$958m) in the three months, compared to THB24.44bn in the year-ago period. Tuna sales increased 11.9% thanks to a strong performance from the company’s branded lines. Shrimp sales were up 22.3%, mainly due to higher selling prices.
EBIT rose to THB1.88bn, or 6.7% of sales, versus THB1.21bn, or 5% of sales, last year. Net income rose to THB1.1bn in the quarter, up from THB756m last year.
Click here to view the full announcement from Thai Union Frozen.