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Thai Union Frozen Q3 up slightly, meets forecasts
November 8, 2012 / 1:22 AM / 5 years ago

Thai Union Frozen Q3 up slightly, meets forecasts

BANGKOK, Nov 8 (Reuters) - Thai Union Frozen Products Pcl , the world’s biggest canned tuna maker, reported a 5 percent rise in quarterly net profit to a record on Thursday thanks to higher tuna sales and lower interest costs after the repayment of some debt.

Thai Union, which makes the “Chicken of the Sea” brand and counts Walmart and Costco among its buyers, posted a July-September net profit of 1.61 billion baht ($52.5 million), up from a revised 1.54 billion a year earlier.

Twelve analysts surveyed by Reuters had forecast on average a net profit of 1.64 billion baht for the quarter.

The company repaid 250 million euros ($309 million) in debt after raising 9.6 billion baht in a rights issue in May.

Shares in Thai Union, valued at $2.75 billion, have fallen 1.3 percent in the past three months, underperforming an 8 percent rise in the main index.

$1 = 30.68 baht Reporting by Khettiya Jittapong; Editing by Richard Pullin

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