THE attributable profit of Alliance Select Foods International, Inc. soared by 466% in the second quarter of 2018, as the company implemented various sourcing strategies that allowed it to maintain the prices of its tuna and salmon products.
In a regulatory filing, the homegrown international seafood company reported that net income attributable to equity holders of the parent reached $1 million in the April to June period, higher than the $177,945 it posted in the same period a year ago. This came on the back of a 34% increase in net sales to $23.9 million.
For the January to June period, Alliance Select’s attributable profit jumped by 720% to $2.2 million, versus the $268,240 seen in the same period last year. Net sales also firmed up 37% to $47.5 million.
The listed tuna manufacturer attributed the positive performance to “the implementation of several sourcing strategies and improved relationships with stakeholders, allowing the company to offer more value to its customers at sustained prices.”
Alliance Select noted the tuna business alone generated a 58% net revenue increase during the first half.
“Our tuna and salmon segments continue to display its potential in increasing sales and profit, and we plan on taking it to next level through continued innovation of both our products and processes,” Alliance Select President and Chief Executive Officer Raymond K.H. See was quoted as saying in a statement.
Alliance Select launched a new line of tuna products last July, catering to the local market that seeks quality products at an affordable price. The company also announced that it will be upgrading its facilities earlier this year.
“At present, we are already working on upgrading our plant technology and equipment across all our business sectors to strengthen company operations,” Mr. See said.
Incorporated in 2003, Alliance Select distributes its products to foreign markets such as Europe, the United States, Japan, and the Middle East. It has subsidiaries based in the US, Thailand, Indonesia, and New Zealand that handles salmon and seafood processing, canned fish processing, and fishing.
Shares in Alliance Select shed 4.76% or five centavos to close at P1 apiece at the Philippine Stock Exchange on Wednesday. — Arra B. Francia
