Tuna processor and exporter Alliance Select Foods International Inc. swung to a consolidated net loss of USD11.37 million in the first nine months of 2026 from a USD2.36-million profit a year earlier, as lower fish supplies, elevated raw material costs, and earthquake-related damage weighed on operations.
Revenues fell 29 percent to USD39.25 million from USD55.40 million in the same period last year, reflecting reduced tuna catches in the Western and Eastern Pacific that constrained supply and shipments.
Higher fish prices also made it harder for the company to maintain competitive selling prices, further pressuring its margins.
The company said about USD2.2 million worth of finished goods and packaging inventory was affected by the June 2026 earthquake. The losses are insured, with recovery expected to be reflected in subsequent reporting periods.
Despite the difficult operating environment, the parent company’s gross margin improved to negative 4.6 percent in the third quarter from negative 18.9 percent in the second quarter.
Alliance Select said local fish supply had stabilized, while international fish availability and pricing were showing signs of improvement.
Chief executive Kirby J. Rasos said the first nine months had been challenging, with the company focused on restoring profitability, rebuilding customer relationships, improving operating efficiency, and tightening cost and inventory controls to support sustainable cash flow.
Stockholders approved a capital restructuring in October involving a reduction in par value, an increase in authorized capital stock, and the application of additional paid-in capital against the accumulated deficit. The company also proposed a private placement, subject to regulatory approvals from the Securities and Exchange Commission and the Philippine Stock Exchange.
Alliance Select said it remained cautiously optimistic about the fourth quarter as supply conditions improve and its recovery measures take effect.
