Economy May 16, 2014 00:00

By The Nation

TUF upbeat on hitting year's revenue target of $4 bn

Thai Union Frozen Products (TUF) strongly believes it is still on track to achieve its US$4 billion revenue target for this year, said the company's president and chief executive officer Thiraphong Chansiri.
TUF reported its financial results for the first quarter, with revenue increasing 4.8 per cent to $863 million, compared to $824 million over the same period last year, largely reflecting the benefit from rising sales of products that include tuna, shrimp and pet food. The first-quarter net profit increased 41 per cent to Bt950 million, compared to Bt674 million in the same period last year.  
Strong growth doubles CPF’s profit for Q1  
Charoen Pokphand Foods Plc’s profit skyrocketed 100% due to domestic and overseas business growth.
CPF reported a net profit of Bt2.05 billion for the first quarter, an increase of 100 per cent on the same period of last year, due to the recovery of its livestock business. 
However, its aquatic business continues to face difficulty due to the widespread Early Mortality Syndrome (EMS) since late 2012. 
Adirek Sripratak, president and chief executive officer of CPF, said the company reported to the Stock Exchange of Thailand yesterday that its year-on-year sales revenue grew 12 per cent to Bt98.122 billion in the first quarter. 
Twz Corp to establish The Boxes with Bt1m capital      
TWZ Corporation’s board on Wednesday approved the establishment of a new wholly- owned subsidiary The Boxes Co Ltd with registered capital Bt1 million next month. The company  distributes, import, export and operate an after-sales service for mobile phones, accessories, computers, electronic products and digital receiver-equipment products.
Foreigners net buyers on SET again in April
Foreign investors in April were net buyers of Thai stocks for the second consecutive month, given easing concerns over emerging-market problems and the Thai political situation. 
The SET Index closed in April at 1,414.94 points, up 2.81 per cent from a month earlier, while,  trading turnover for the SET  and the Market for Alternative Investment averaged Bt31.21 billion, down 42.05 per cent year on year. 
New cheques on offer 
The Bank of Thailand has urged people to swap their old chequebooks for an upgraded version that is compatible with the Imaged Cheque Clearing and Archive System (ICAS). Dr Roong Mallikamas, spokeswoman of the BOT, said the ICAS was a digital-image-based cheque-clearing system that helped lower the cheque-clearing time from between three and five days to just one day.
South remains popular 
Thailand’s southern beach resort regions, Krabi, Phang Nga, Chumphon, and Surat Thani,  remain some of the most popular holiday destinations for international tourists, with hotels in the area reporting occupancy rates of up to 78 per cent during the first quarter, Tourism Authority of Thailand said.
According to Bank of Thailand data, the country’s average occupancy rate in the first quarter was 58 per cent. – Phuket Gazette 
True pay TV hurting
The slowing economy has hurt True Corp group’s pay-TV business, while its telecom business has experienced only a slight impact, True chief executive officer Suphachai Chearavanont said yesterday.
Suphachai said True’s telecom business had continued to progress with medium- and long-term investment while continuing to control costs.
THAI posts Bt2.6 bn loss 
Thai Airways International swung to a net loss of Bt2.6 billion in the first quarter,  against a net profit of Bt8.3 billion in the same period last year, according to the company’s  report to the Stock Exchange of Thailand yesterday.
In the first three months of this year, the airline booked an operating loss of Bt3.29 billion.