Thailand’s largest wholesaler, Siam Makro, has posted a significant increase in profits for the first quarter of this year.
According to a report from news agency Bloomberg, Siam Makro posted net income earnings of Bt685m (US$22.8m) in the three months ended March, compared to earnings of Bt472.2m in the same period last year.
“Sales of fresh and frozen foods rose significantly in the first quarter on higher demand from restaurant operators,” Kawee Manitsupavong, an analyst with Asia Securities Pcl, told Bloomberg. “Earnings will grow further in the second half with higher sales of frozen foods, which have higher profit margins.”
Mr Kawee predicted Siam Makro’s profit in 2011 would increase 33 per cent to Bt2.49bn on a growth in sales and store openings, reported the news agency.
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