Bangkok--14 Nov--Thai Union Frozen Products
TUF reported growth in earnings in Q3/2006, with sales hitting USD398 million, thanks to strong export performance. Tuna products remained the key revenue earners.
Thai Union Frozen Products Public Company Limited (TUF), Thailand’s largest processor and exporter of canned and frozen seafood, announced its Q3/2006 operational result with sales hitting USD389 million, representing an 11% increase from USD351 million in Q3/2005. In Thai baht term, sales grew from Bt14,511 million a year ago to Bt14,637 million in this quarter. Despite almost 10% appreciation of Thai baht against US dollar over the period, net profit grew by 2.8% from Bt659 million last year to reach Bt668 million. The increase in net profit could be attributed to efficient cost management, expanded distribution channels and introduction of new products, which also helped boost sales. In volume term, sales grew by 4% from Q3/2005 and 7% from Q2/2006 respectively.
Mr. Thiraphong Chansiri explained, “Tuna products remained our main revenue earners, accounting for up to 48% of the total value of our products sold during the quarter. Frozen shrimp came second with 22%, followed by canned pet food at 10%, canned seafood at 7%, shrimp feed at 7%, domestic sales at 7% and frozen cephalopod at 2% respectively.”
The US market represented up to 58% of the company’s overall sales. Japan was the second largest market, followed by European Union, Asia (ex-Japan), Africa, Australia, the Middle East, Canada and South America respectively.
“Apart from continual sales growth in key products, we managed to expand our shrimp feed market. Sales of shrimp feed increased by 39% from the same period last year through its various domestic and overseas distribution channels. Given such an impressive performance, shrimp feed is clearly a product which represents huge market demand and a promising growth outlook,” Mr. Chansiri further commented.
Mr. Chansiri added, “We have re-defined our strategy. We now explore new market opportunities through product development efforts and venture into new product categories with an objective to capture demand in products related to our existing products. For instance, we have introduced a series of ready-to-eat frozen food products under MySiam brand. Through a series of road shows, we demonstrated our products and provided opportunities for our target customers to personally taste our different recipes. MySiam products are well positioned for Thai food lovers in Europe, Asia and the US.”
Mr. Chansiri is confident in this new strategic approach to developing new markets and TUF’s capability of delivering sustainable growth and continual profitability in the future.
Corporate Communications Department
Mr. Lapat Khwanmongkhon Email: [email protected]
Ms. Panisa Sudprasert Email: [email protected]
Tel: (662) 298-0024 ext. 675 - 678
Fax: (662) 298-0024 ext. 679