TUF seafood exporter hit by raw material costs
Thai UnionFrozen Plc (TUF), Thailand’s largest seafood expoter has reported a 9% fall innet profits for the first quarter, dragged down by the higly volatile raw material prices of tuna and shrimp, a stronger baht, a higher interest burden and expenses related to the acquisition of MW Brands.
Thiraphong Chansiiri, president of TUF, says operating results for the first quarter indicated strong performance acrosss all product lines with tuna products reporting significant sales growth both in volume and value terms by 52% and 82% respectively, thanks to the acquistion of MW Brands, Shrimp products registered 3.7% and 20% sales growth in volume and value respectively.
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