Alliance Select Foods International Inc., a publicly-listed tuna processing company, reported on Monday a net loss of USD2.6 million last year, narrower than the USD3.5 million net loss posted in the previous year.
The tuna processor’s bottomline continue to be weighed down by higher financing costs, increased selling and administrative expenses due to higher fish cost, and foreign currency losses.
Alliance Select said consolidated net revenue last year surged 63 percent to USD56.5 million driven primarily by an increase in export volume of tuna products and better selling prices across all product segments to price increases late in 2023. Plant utilization was also improved.
Alliance Select president and chief executive officer Jeoffrey Yulo described in a statement the company’s operational performance as “encouraging.” He said that “despite external challenges posed by high interest rates, our numbers continue to improve as we ramp up efforts to improve volume, revenue and gain further operational efficiencies.”
The listed seafood company ships products to around three dozen countries.
