Thai Union Frozen Products (TUF) has recorded an increased in first-half profits, boosted by an expansion of the firm’s product portfolio, notably in value-added lines.
For the first six months of the year, profits rose 6% to reach THB1.7bn (US$52.9m), the firm said today (2 August).
Go deeper with GlobalData
First-half sales, however, fell 4% to THB33.42bn thanks to the appreciation of the Thai baht. When stated in US dollars, sales rose 3%.
The company said all overseas subsidiaries achieved strong growth and that it is confident its business strategy is “on track for sustainable growth”.
TUF announced last week that it would buy MWBrands from private equity firm Trilantic Capital in a deal that values the France-based firm at EUR680m (US$888.5m).
President Thiraphong Chansiri said today that the acquisition would broaden TUF’s internationally.
“TUF is confident the investment in MW Brands will greatly enhance the firm’s production capacity. The acquisition will allow TUF greater and faster access to new supply bases and new markets, consistent with the company’s overall strategic plan for a sustainable growth and the 2012 sales target of $3bn.”
