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Thai Union Frozen Q4 Net Profit Down, Below Forecasts

Thai Union Frozen TUF.BK (TUF), Thailand’s biggest canned tuna exporter, reported a 31 percent fall in its fourth quarter earnings on Monday, due mainly to lower tuna prices.

Thai Union Frozen said it earned a net profit of 307 million baht ($8.6 million) in the quarter to December 31, down from 443 million baht a year ago, and down from 912 million baht in the third quarter.

The results were below the average 433 million baht forecast by eleven analysts polled by Reuters Estimates.

TUF, which counts “Chicken of the Sea” as its major brand, expected its dollar revenue from exports and its U.S. subsidiaries to reach $3.0 billion by 2012.