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Profits for Thai tuna firm

This article was originally published in Foodnews

THAI Union Frozen Products (TUF), Asia's biggest canned tuna exporter, has reported a 12% rise in third-quarter earnings, as lower costs and value-added products boosted profit margins. Net profit for July-September 2009 was THB1.02 billion (US$30.53 million), up from THB912 million a year before, and beating its record quarterly profit of THB955 million in the second quarter. TUF, which makes the "Chicken of the Sea" brand, has said it aimed for a 10-12% rise in net profit for 2009 and it was on track to meet a target of THB3.0 billion in revenue by 2012. In 2008, the company's net profit was THB2.2 billion.

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