To clarity FS for 2/2010 and expain the results
Ref. 37/530802
Date: August 2, 2010
Subject: To clarify the financial statements for the second quarter 2010 and explain the results.
Attention: Director and Manager The Stock Exchange of Thailand
Enclosure: The consolidated and the company only financial statements for Q2/2010.
According to the consolidated and the company only financial statements of Thai Union Frozen Products Public Company Limited (TUF) for the period ended June 30, 2010, which have been reviewed by independent auditor, the company would like to notify the results of its operation. Net profit stood at Bt873.1 million (equivalent to Bt0.99 per share based on total share volume of 883,170,950). The figure represented 8.5% year-on-year decrease from its 2009 counterpart of Bt954.4 million (equivalent to Bt1.08 per share based equally on total share volume of 883,170,950). Primary factors contributing to the net profit decrease include escalating raw material prices that inevitably affected margin, and write down for asset sale of American Samoa plant to the local government. Despite 6% year-on-year sales growth in U.S. dollar term when compared to its Q2/2009 counterpart, up to 7% strengthening of Thai currency against U.S. dollar during the quarter had downward pressure on sales in Thai baht term, which were reported at Bt17,092.4 million, representing a slight decline from Bt17,195.0 million registered in Q2/2009.
In regards to first-half operating results, net profit jumped by 6% from Bt1,607.5 million a year ago to Bt1,704.3 million this year. First-half sales performance of 2010 was recorded at Bt33,421.3 million, which represented 4% fall from Bt34,861.4 million achieved in the corresponding period in 2009.
Please be informed accordingly.
Respectfully yours,
Thai Union Frozen Products PCL.
Mr. Chuan Tangchansiri, Director
Mr. Chan Tin King, Director