SET-listed Thai Union Frozen Products Plc (TUF) expects better financial results in the second half of the year after posting a 64% year-on-year drop in net profit in the second quarter on record-high raw material prices.
The world's largest tuna company posted a net profit of 359 million baht in the quarter to June, compared to around 1 billion a year earlier. Revenue surged 5% from a year earlier to 28 billion, gaining 9.7% in dollar terms to US$935 million.
President Thiraphong Chansiri said several negative factors in the quarter led to the disappointing results, including volatile tuna raw material prices.
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