May 15, 2014 / 6:21 AM / 3 years ago

Thai Union Frozen Q1 net profit up 40 pct on year

BANGKOK, May 15 (Reuters) - Thai Union Frozen Products Pcl , the world’s largest canned tuna producer, said its first-quarter net profit rose 40 percent from a year earlier, due to improving tuna business and gains from a weaker Thai baht currency.

Thai Union, which makes the “Chicken of the Sea” brand and counts Wal-Mart and Costco among its buyers, posted January-March net profit of 950 million baht ($29 million), up from 674 million baht a year earlier.

That was slightly lower than the average forecast of 963 million baht from nine analysts polled by Reuters.

Sales in dollar terms rose 4.8 percent on the year, but increased 14.3 percent in baht terms, the company said in a statement.

$1 = 32.4350 Thai Baht Reporting by Khettiya Jittapong; Editing by Ian Geoghegan

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