Thai Union Frozen Q3 profit up 12 pct, above forecast

Published: 27 Oct 2009 17:24:39 PST

BANGKOK, Oct 28 - Thai Union Frozen Products (TUF), Asia's biggest canned tuna exporter, reported a 12 percent rise in third-quarter earnings on Wednesday as lower costs and value-added products boosted profit margins.

July-September net profit was 1.02 billion baht ($30.53 million), up from 912 million baht a year before and beating the record quarterly profit of 955 million baht in the second quarter.

The result was above the average 942 million baht forecast by five analysts polled by Reuters.

TUF, which makes the "Chicken of the Sea" brand and counts WalMart and Costco among its buyers, has said it aimed for a 10-12 percent rise in net profit for 2009 and it was on track to meet a target of $3.0 billion in revenue by 2012.

Its 2008 net profit was 2.2 billion baht.

TUF shares rose 8.7 percent in the July-September quarter, underperforming a 20 percent gain in the main Thai stock index <.SETI>. ($1=33.41 Baht)