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Thai Union Frozen Products Pcl, the world's second-biggest tuna canner, said first-quarter profit fell 8.3 percent to its lowest in seven quarters as its costs rose faster than sales.
Profit in the quarter ended March 30 fell to 432.8 million baht ($11.45 million), or 0.49 baht a share, from 472.1 million baht, or 0.54 baht a share, a year earlier, the Bangkok-based company said in a statement on the Thai exchange today. This is the company's lowest quarterly profit since the first quarter of 2004 when it reported earnings of 315.3 million baht.
Sales in the quarter rose 16 percent to 13.7 billion baht, from 11.9 billion baht, according to the company.
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