Alliance Select Foods International Inc. (“ASFII” or the “Company,” PSE: FOOD) posted consolidated net revenues of USD 26 million for the first six months of the year, a double digit increase over the same period last year. This was due to higher selling prices and increased sales to European and Asian customers.
Gross profit increased 33% year-on-year to USD1.7 million, tempered by rising input costs and other supply chain issues. Earnings before interest, taxes, depreciation, and amortization (EBITDA) remained stable at USD 0.3 million.
The company reported a consolidated net loss of USD 574 thousand in the first semester, better than the USD 620 thousand net loss in the comparable period last year. Higher finance costs and the impact of currency translation reduced the bottom line.
ASFII President and CEO Jeoffrey P. Yulo said, “We are pleased by the increased production efficiency that is helping our top-line growth. Despite the ongoing market and economic concerns, we are optimistic that the various projects we have in place will help to address them. We will continue to prioritize the implementation of our operational and marketing strategy initiatives