To clarify the financial statements for the third quarter 2010 and explain the results
Ref. 68/531101
Date: November 1, 2010
Subject: To clarify the financial statements for the third 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 Q3/2010.
According to the consolidated and the company only financial statements of Thai Union Frozen Products Public Company Limited (TUF) for the period ended September 30, 2010, which have been reviewed by independent auditor, the company would like to notify the results of its operation. Net profit stood at Bt817.0 million (equivalent to Bt0.92 per share based on total share volume of 883,170,950). The figure represented 19.7% year-on-year decrease from its 2009 counterpart of Bt1,017.9 million (equivalent to Bt1.15 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. For example, tuna prices have been relatively volatile since the beginning of 2010 and also, 20-30% year-on-year increase in shrimp prices from their normal levels. Despite 11% year-on-year sales growth in U.S. dollar term when compared to its Q3/2009 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 Bt17,437.5 million, representing 3% increase from Bt16,931.3 million registered in Q3/2009.
In regards to 9-month operating results, net profit decreased by 4% from Bt2,625.4 million a year ago to Bt2,521.4 million this year. The 9-month sales performance of 2010 was recorded at Bt50,858.8 million, which represented 1.8% slightly decrease from Bt51,792.48 million achieved in the corresponding period in 2009.
Please be informed accordingly.
Respectfully yours,
Thai Union Frozen Products PCL.
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Mr. Kraisorn Chansiri, Director
Mr. Chuan Tangchansiri, Director