Thai Union Posts 9% Profit Increase In Third Quarter
Seafood company Thai Union has reported consolidated net profit of THB 1,737 million (€45 million) in the third quarter of the year, representing an increase of 8.9%.
The company, which produces brands such as Chicken of the Sea and John West, says that sales increased by 0.4%, to THB 35,185 million (€914 million), despite 'significant' currency-exchange fluctuations and increased raw-material costs.
“Our strategy in geographic and product diversity is helping us weather today’s market and industry’s volatility," said Thiraphong Chansiri, CEO of Thai Union Group.
"We will continue to focus on diversification for our long-term growth. Continuous improvements, review of costs, and streamlining of our operations has helped us during this time of margin pressure,” Chansiri continued.
Thai Union's pet-care business saw 2.9% growth in the third quarter, with sales reaching THB 4,580 million, while sales in its ambient unit rose by 2.4%, to THB 15,836 million.
However, the group's frozen- and chilled-seafood business saw sales decline by 2.4%, to THB 14,770 million.
Overall, sales contributions from Thai Union’s own brands remained stable, at 43%, in the first nine months of the year, with the rest coming from the company’s private-label and foodservice units.
The US remained that group's largest market, generating 38% of total sales in the first three quarters, followed by Europe (32%), Thailand (10%), Japan (6%) and other markets (14%).
Last month, the company announced that it was restructuring its European management team, following the resignation of Elisabeth Fleuriot as CEO of Thai Union Europe.
Paul Reenan, who is currently head of Northern Europe Ambient, will now become regional president for Europe, responsible for commercial marketing, sales and service.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.