Source: Flex News
Thai Union Frozen Products, Asia's biggest canned tuna exporter, said on Thursday it expected 2010 net profit to top its estimated 2009 profit of more than 3 billion baht ($91.2 million).
Its dollar sales this year, which make up over 90 percent of total sales, would rise 12-15 percent due to strong exports and its expansion into new markets, mainly in Europe and Russia, President Thiraphong Chansiri told reporters.
“Our net profit this year will rise in the same way as sales ... Net profit for 2009 would be higher than 3 billion baht,†he said.
“We expect to pay a higher dividend for the second half of 2009 than the first half because of the good performance,†he added.
The company paid an interim dividend of 0.92 baht for the first half of 2009.
The relocation of a plant to Georgia in the United States this year after the closure of a Samoan factory would cut costs, he said.
It also planned a merger of two U.S. units -- Empress International and Chicken of the Sea Frozen Food -- in the first half, which would also help cut administrative costs.
At 0836 GMT, Thai Union Frozen shares were down 0.7 percent at 34.25 baht while the main Thai stock index was up 0.5 percent.
Thai Union is one of the firms which are listed in the Atuna Stock Index – click here to go to the Stock Index