November 8, 2012 / 8:52 AM / 5 years ago

Thai Union Frozen aims for 15 pct profit growth in 2013

BANGKOK, Nov 8 (Reuters) - Thai Union Frozen Products Pcl , the world’s biggest canned tuna maker, said on Thursday it aimed for 2013 net profit growth of 15 percent due to a turnaround in loss-making subsidiaries.

Thai Union, which makes the “Chicken of the Sea” brand, aimed to invest 12 billion baht ($391 million) in 2013-2014, or 6 billion baht a year, to build three new plants, President Thiraphong Chansiri told reporters.

Earlier, the company reported a 5 percent rise in quarterly net profit to a record high thanks to higher tuna sales and lower interest costs.

Its nine-month net profit rose 13.8 percent to 4.08 billion baht ($133 million).

It is expected to post a net profit of 5.8 billion baht for 2012, up from 5.07 billion in 2011, according to Thomson Reuters I/B/E/S. ($1 = 30.68 Baht) (Reporting by Saranya Suksomkij; Writing by Khettiya Jittapong; Editing by Alan Raybould)

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