Alliance Select Foods International Inc. (“ASFII” or the “Company,” PSE: FOOD) reported consolidated net revenues of USD 39 million for the first nine months of the year, higher by 65% over the same period last year. The sustained growth in gross revenues was largely due to higher selling prices and better sales of export tuna products. This partially offset the high cost of goods sold, which was mostly brought on by rising fish prices and input costs.
Marketing and administrative expenses have gone up in lockstep with production growth. However, finance costs have increased due to the high interest rate environment, while forex losses came from the impact of currency translation.
As a result, the company posted a consolidated net loss of USD 867 thousand in the first nine months, slightly higher than the USD 593 thousand net loss in the comparable period last year. However, Q4 projections are showing favorable trends for the business.
ASFII President and CEO Jeoffrey P. Yulo said, “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.”