Alliance Select Foods International Inc. said Friday its consolidated net loss widened to USD867,000 in the first nine months, with revenue gains gobbled up by rising input, marketing and administrative costs, higher interest expenses, and foreign exchange losses.
The listed food company lost USD593,000 in the same period last year.
Alliance Select, however, expects improvement in the fourth quarter, with current projections showing favorable trends for the business.
“The improved productivity that is supporting our top-line growth gives us the right momentum. We are certain that the several projects we have in place will contribute to addressing the persistent market and economic issues. The execution of our operational and marketing strategy projects will remain our top priority,” said Jeoffrey Yulo, Alliance Select president and chief executive officer, in a statement.
Alliance Select, which trades on the Philippine Stock Exchange under the symbol FOOD, is primarily engaged in processing, canning, and exporting tuna. It exports to Europe, North and South America, Asia, Africa, and the Middle East. The company also processes the by-products and scraps from its tuna processing operations into fishmeal and sells these to the domestic feeds market and to traders. Its products also include smoked and raw salmon, fishmeal, and fish oil.
The compan’s subsidiaries include Big Glory Bay Salmon & Seafood Inc., PT International Alliance Food Indonesia, and Alliance MHI Properties, Inc.
