Seafood giant Thai Union reported a better-than-expected second quarter, beating analyst predictions to post what appears to be the very beginnings of a recovery after a weak first quarter.

While year-on-year revenue fell 12.6 percent to THB 34.1 billion (€889 million/$976 million) and net profits declined 36.7 percent to THB 1 billion (€26 million/$29 million), this was largely a reflection of last year's high baseline, high inventories among customers and significant foreign exchange losses.

The company's operating profit rose 8.2