MANILA, PHILIPPINES – Homegrown seafood company Alliance Select Foods International Inc. (“ASFII” or the “Company”; PSE: FOOD) reported consolidated net revenues of US$8.93 million for the first quarter of 2026, reflecting a 54.5% decline from prior year. The decrease was primarily attributable to the extension of the January plant shutdown to complete plant improvements, softness in the loins and co-packing business, and the deferral of certain shipments to the second quarter.
The Company recorded an after tax loss of US$2.6 million for the period. Results were impacted by elevated plant operating costs and the sale of higher-cost inventory carried over from the previous quarter, as well as higher interest expenses. These were only partly mitigated by lower general and administrative expenses, lower freight and transportation costs.
Management has initiated measures to address these challenges, including efforts to optimize plant operations, manage costs, and align production levels with demand conditions. These actions are intended to support improved operational efficiency in the succeeding periods.
“Our first quarter results reflect the impact of operational and cost-related challenges during the period,” said Jeoffrey P. Yulo, President and Chief Executive Officer. “We are implementing measures to improve efficiency and cost management, and will continue to monitor developments closely as we work toward stabilizing performance.” The Company expects gradual improvement in operations in the succeeding periods as these initiatives are implemented, subject to prevailing market conditions.
Alliance Select Foods International, Inc. is a publicly-listed company engaged in tuna processing, serving over 20 countries worldwide.