Home-grown tuna producer Alliance Select Foods International, Inc. (“ASFII” or the “Company”; PSE: FOOD) reported a 1H2025 consolidated net income of US$ 0.133 million. This is 62% lower compared to the same period last year, primarily due to shipment delays from missed port calls and vessel cancellations, a less favorable portfolio mix, and reduced revenue in canned business.
Despite the aforementioned shipment delays, sales volume in 1H25 was flat. Revenue declined 10% due to a shift in the product mix with limited fresh fish and Yellowfin supply. As a result, gross profit fell 15% in 1H. This decline is mitigated by lower general and administrative expenses, but tempered by increased financing charges.
Production volume increased 10% YoY in 1H25 and plant utilization rose to 86% in 1H25, from 78% in 1H24. Production volumes also exceeded expectations, supported by optimal plant utilization.
The Company anticipates an improved 2H25, driven by commercial catch-up plans, an improved product mix, and an easing of shipping bottlenecks – though freight costs may be seasonally higher.
Lower raw material prices already seen in 2Q should help improve margins beginning 3Q.
“We are focused on improving profitability with the evolving product and customer mix,” said FOOD Chief Financial Officer Josephine Salazar-Ramos.