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ผู้เขียน หัวข้อ: TUF profits jump by 6 pct in H1  (อ่าน 3552 ครั้ง)
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« เมื่อ: สิงหาคม 04, 2010, 08:51:07 AM »


TUF President Thiraphong Chansiri. (Photo: Thai Union Frozen Products)

TUF profits jump by 6 pct in H1

THAILAND
Wednesday, August 04, 2010, 03:00 (GMT + 9)



Thailand’s leading seafood producer Thai Union Frozen Products PLC’s (TUF) operating results for the first half of 2010 saw profits rise by 6 per cent on a 3 per cent increase in dollar sales due to the expansion of the company’s product portfolio. All overseas subsidiaries also achieved strong growth.

TUF President Thiraphong Chansiri said the company’s net profit reached THB 1.704 billion (USD 52.7 million), a 6 per cent rise from the same period last year at THB 1.608 billion (USD 49.72 million). Earnings per share also grew by 6 per cent from THB 1.82 (USD 0.056) to THB 1.93 (USD 0.0597).

Sales revenue for the period in dollar terms was USD 1,026 million, up 3 per cent from 2009’s USD 996 million. In Thai baht terms, sales revenue skid by 4 per cent from THB 34.861 billion to THB 33.421 billion.

TUF still achieved continual sales revenue and profit growth in USD terms due to product diversification and all its overseas subsidiaries showed strong performance despite the volatility in prices of key raw materials and the baht’s 7 per cent appreciation.

Net profits fell by 9 per cent from THB 955 million (USD 29.5 million) in Q2 2009 to THB 873 million (USD 26.99 million) as a result of rising costs of raw materials. TUF thus intends to follow its typical dividend payout policy of at least 50 per cent of net profits as interim dividends.

For Q2, tuna products still constitute the largest share in the company’s product portfolio at 39 per cent followed by frozen shrimp at 24 per cent. Main export markets include the US at 49 per cent and the European Union (EU), Japan and the domestic market all each at 12 per cent.

The major challenges that TUF had to face during Q1 and Q2 this year include the foreign exchange situation and the costs of raw materials, as well as much greater fluctuations of shrimp and tuna prices. Unusually warm temperatures bred a delayed shrimp harvest and tuna prices soared to USD 1,700 per ton.

However, Thiraphong believes the situation would normalise in the last two quarters of the year, he affirmed. The company is confident that it can keep growing in the second half, as it is the typical high season.

Further, he expounded on the firm’s plan to buy leading European producer and distributor of canned seafood products MW Brands, stating that TUF’s board of directors voted on 27 July to acquire all of MW Brands Holdings SAS’s ordinary shares. This decision must be approved by the shareholders at a meeting to be held on 2 September.

“With MW Brands’ sales contribution to the group, it is highly probable that this ambitious target would be achieved before 2012,” Thiraphong concluded.

Related articles:

- Thai Union becomes one of the world's largest seafood companies
- TUF goes after French seafood canner


By Natalia Real
editorial@fis.com
www.fis.com


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