Alliance Select generates profit for first time since 2011

ALLIANCE Select Foods International, Inc. (ASFII) generated a net profit for the first time in seven years, supported by a double-digit increase in revenues in 2017 as well as new management strategies.

In a regulatory filing, the listed seafood company posted a net income attributable to equity holders of the parent of $1.44 million last year, a reversal of the $5.97 million attributable loss it recorded in 2016.

Revenues climbed by 20% to $72.19 million during the year, against the $59.91 million it realized the year before. Around 60% of revenues came from the sale of tuna-related products, while the remaining 40% were salmonrelated products.

The tuna business registered a 24% increase in revenues for the year, driven by higher prices due to increasing costs of raw materials. Meanwhile, revenues from salmon products increased 15% due to the expansion of its market in Akaroa, New Zealand.

The company attributed last year’s positive performance to efforts to streamline its focus and operations. It also noted the entry of current Alliance Select President and Chief Executive Officer Raymond K. H. See back in 2015, who led the company in implementing various management strategies such as strengthened relationship with suppliers and consumers, and product innovation as dictated by consumer trends.

“I am grateful for the hard work and dedication of the ASFII team and the support of our partners and customers for making 2017 a successful and pivotal year for ASFII. We are committed to building on this positive outcome and serve the growing demand for premium quality seafood products,” Mr. See was quoted as saying in a statement.

ASFII is currently undertaking a financial restructuring program as approved by the Securities and Exchange Commission. Here, the company reduced the par value of its common shares to 50 centavos each from P1 each previously, resulting to a decrease in its authorized capital stock to P1.5 billion, comprising of three billion common shares at 50 centavos each.

The company is banking on the equity restructuring program for its continued growth in the future.

Shares in ASFII jumped 14.81% or eight centavos to close at 62 centavos each at the Philippine Stock Exchange on Thursday.