ALLIANCE Select Foods International, Inc. is upbeat it can continue delivering higher earnings moving forward, banking on the strength of its management team.
In a statement issued Wednesday, the listed seafood company said its shareholders have elected the same board of directors for 2019. This will include Raymond K.H. See, Antonio C. Pacis, Gabriel A. Dee, Marie Grace T. Vera Cruz, Joseph Peter Y. Roxas, Dobbin A. Tan, and Erwin M. Elechicon.
“2018 continued the upward trajectory of the Company’s financials, and it exceeded set targets. With our record performance, we keep our focus on delivering sustainable cash flows and long-term growth for the business,” Mr. See, Alliance Select chief executive officer, said in a statement.
The company is also ramping up its sustainability efforts by launching a scholarship program which will be extended to local residents who want to take up a degree in BS Marine Biology or BS Fisheries from the Mindanao State University.
Alliance Select booked a net loss attributable to the parent of $7,158 in the first quarter of 2019, against an attributable profit of $1.22 million in the same period a year ago. This came amid a 17% decline in gross revenues to $19.6 million during the same period.
Mr. See earlier said the company is introducing new products such as pouched tuna variants and frozen tuna loins for export to boost sales. The company is likewise implementing strategic initiatives and optimization measures to sustain growth.
Incorporated in 2003, Alliance Select exports its canned tuna products to several markets in Europe, North America, Asia, Africa, South America, and the Middle East. Its byproducts and scraps from tuna processing operations are also sold to the domestic feeds market.
Shares in Alliance Select gained 2.67% or two centavos to close at 77 centavos each at the stock exchange on Wednesday. — Arra B. Francia
