Seafood giant Thai Union Frozen Products has booked an increase in first-quarter profits on the back of strong sales growth.
For the three months to the end of March, net profit soared 93% to THB1.47bn (US$47.31m). Operating profit increased to THB2.12bn from THB1.58bn in the prior-year period.
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Total revenues for the quarter amounted to THB25.67bn, up 12% from the first quarter of 2011. “Strong” sales growth was seen across all product lines while the firm’s gross profit margin rose to 17.2% from 14.8% in last year’s first quarter.
Thai Union owns European seafood brands including John West in the UK, Petit Navire in France and Mareblu in Italy.
Click here to view the full earnings release.
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