Thai Union Group (TU) has reported a 16.9% on-year rise in the second quarter of 2016, with a net profit of THB1,527m.
During this period, Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) was THB3,181mn, an increase of 11.9% year-over-year.
This was said to be due to improved operations and lower finance costs because of continued debt repayments compared to the same period last year.
Thiraphong Chansiri, CEO of Thai Union Group, said: "This quarter clearly shows that our efforts to drive efficiency in our operations and financing are working.”
He added: “Profit growth is being delivered even in a challenging market for raw materials and difficult economic conditions in various markets around the world.”
Operating profit reached THB2,062m, down 6.3% while gross profit improved by 4.5% and the gross profit margin down slightly to 15.8%.
This weaker margin was contributed by a rise in raw material costs, particularly in the salmon and shrimp businesses.
TU sales in the U.S. played an important role in the company’s revenue, accounting for 38.6% of total sales in the first half of 2016.
Thailand’s domestic market accounted for 7.9% of total sales, while the European Union contributed 34.1% of sales. Japan sales contributed 6.1% of total sales.
