Seafood producer Thai Union has posted a second-quarter sales increase of 1.2% to THB 34,818 million (€886 million) despite 'significant currency exchange fluctuations and variable market conditions'.
The group, which owns the John West, Petit Navire and King Oscar brands among others, said that second quarter gross profit was down 14.5% compared to the same period last year, with gross profit margin standing at 13.4%.
In the first half, sales totalled THB 66,244 million, up 1% on the previoius year, while net profit was up 4.4%.
Regional Sales
Europe accounted for a third (33%) of its branded product sales in the first half, with the US, where it holds the Red Lobster brand, it's biggest market (38%). The Thai domestic market accounted for 8% of sales, Japan accounted for 6%, and 'other markets' accounted for 15%.
“We’re satisfied with our operational resilience despite facing persistent challenges in higher raw material costs and variable economic conditions in many markets,” said Thiraphong Chansiri, CEO of Thai Union Group.
“Our strategic investment in Red Lobster and effort in cost control continue to deliver positive results."
In June of this year, Thai Union launched its annual Sustainability Report, detailing the company’s performance from January through December 2016 against key performance indicators and targets outlined in SeaChange, its sustainability strategy.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
