Thai Union Frozen Q1 Net Profit Jumps 59 Percent Driven by Foreign Exchange Gain
SEAFOODNEWS.COM [Reuters] - May 15, 2015 -
BANGKOK, Thai Union Frozen Products Pcl , the world's largest canned tuna maker, reported a better-than-expected 59 percent rise in first-quarter net profit due mainly to foreign exchange gains and lower finance costs, sending its shares up 3 percent.
Thai Union, which makes the "Chicken of the Sea" brand and counts Wal-Mart and Costco Wholesale Corp among buyers, maintained its revenue target of $5 billion for this year, President and CEO Thiraphong Chansiri said in a statement.
Net profit was 1.5 billion baht ($44.6 million) for the January-March quarter, nearly twice the average forecast of 790 million baht by five analysts surveyed by Reuters.
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