TU’s consolidated sales reached a record high of Bt34.441 billion, up 9.3 per cent on the same period last year.

Earnings before interest, taxes, depreciation and amortisation was Bt3.181 billion, an increase of 11.9 per cent year on year, with the increase attributed to improved operations and lower finance costs because of continued debt repayments compared to the same period last year.

The operating profit was Bt2.062 billion, down 6.3 per cent year on year, while the gross profit improved 4.5 per cent and the gross profit margin was 15.8 per cent, down from 16.9 per cent in the second quarter 2015.

A rise in raw material costs, particularly in the salmon and shrimp businesses, contributed to the slightly weaker margin.

TU sales in the US played an important role in the company’s revenue, accounting for 38.6 per cent of total sales in the first half of the year.

Thailand’s domestic market accounted for 7.9 per cent of total sales, while the European Union contributed 34.1 per cent of sales, widening from 29.4 per cent in the full-year 2015. Japan sales contributed 6.1 per cent of total sales.

Thiraphong Chansiri, chief executive of TU noted: “This quarter clearly shows that our efforts to drive efficiency in our operations and financing are working. Profit growth is being delivered even in a challenging market for raw materials and difficult economic conditions in various markets around the world.”

The sales contribution from TU’s brands remained stable at 43 per cent in the first half of 2016, with the balance coming from the company’s private label sales.

The strong sales growth was due to the consolidation of Rugen Fisch into the TU family, higher Skipjack tuna prices and an increase in salmon raw material prices.

The baht’s depreciation against the US dollar and the Euro was an additional supporting factor.