ALLIANCE Select Foods International, Inc. on Thursday reported a net loss of $394,000 in the first quarter.
“Amidst the challenging environment, the company will continue to implement new strategies to improve growth. Likewise, the capital investments made for automation and equipment upgrade should translate to more productivity and efficiency gains in the medium term,” Alliance Select Treasurer Ma. Carolyn C. Angeles said.
Meanwhile, revenues for the first quarter were at $6.4 million.
In 2021, the firm sold its 80% stake in Akaroa, a company incorporated and domiciled in New Zealand. Proceeds from the sale were used to pay down debts.
“The sale is consistent with the company’s long-term objective to focus on its Philippine operations,” it added.
The company said that its export demand has been primarily weak due to the continued rise in freight costs amid the lack of shipping containers and the temporary closure of ports.
“To partially cushion the impact, Alliance Select implemented cost-reduction measures to lower cost of goods sold and general administrative expenses,” it added.
In a separate disclosure, Alliance Select announced the appointment of Jeoffrey P. Yulo as its president and chief executive officer, and Lorenzo S. Lichauco as chairman of the board of directors.
On Thursday, company shares were down 1.67% or one centavo to close at P0.59 apiece. — Luisa Maria Jacinta C. Jocson
