BANGKOK (Nov 7): Thai Union Pcl, the world's biggest producer of canned tuna, said on Monday its quarterly net profit fell almost 2%, hit by higher raw material costs, but sales reached a record for the second consecutive quarter. Net profit was 1.59 billion baht for the July-September quarter, in line with an average 1.54 billion baht forecast by 11 analysts polled by Reuters. Gross margin declined to 14.1% from 17.3% a year earlier due to continued high salmon prices and higher-than-expected tuna prices, it said. Thai Union makes the "Chicken of the Sea", the third-largest tuna brand in the United States. Before earnings announcement, Thai Union shares closed up 0.45%, while the main Thai index was 1.12% higher.

Source: The Edge Markets November 07, 2016 15:42 UTC