Alliance Select Foods International, Inc. is hopeful it could sustain earnings growth in the coming quarters to bounce back this year from a net loss of USD2.6 million in 2023, when increased financing costs offset substantial gains in consolidated net revenue.
It recorded a net loss of USD3.5 million in 2022.
Alliance Select saw net revenue last year surge 63 percent to USD56.5 million.
Favorable supply costs, price adjustments and reduced manufacturing overhead, Alliance Select said, kept gross margins stable and lifted gross profit despite supply chain challenges faced during the first three quarters of 2023.
“Our performance indicators continued to improve from Q4 2023 to Q1 2024. We will capitalize on favorable price trends through our product mix, increased volume, and ongoing operational efficiencies,” said Jeoffrey Yulo, president and chief executive officer of Alliance Select.
Looking ahead, Alliance Select said it remains focused on leveraging these operational improvements and market dynamics to strengthen its position in the industry and drive sustainable growth in the coming periods.
