Alliance Select income soars in 3rd quarter

ALLIANCE Select Foods International, Inc. (ASFII) saw its earnings surge in the third quarter, thanks to stellar export sales of its tuna and salmon products.

In a regulatory filing, ASFII said its net income attributable to equity holders of the parent company stood at $1 million in the July to September period, from $91,207 during the same period a year ago.

This brought the nine-month earnings tally to $3 million, significantly higher than the $383,360 generated a year ago.

Third quarter net revenues soared 42% to $26.16 million versus $18.41 million during the same three months in 2017.

For the January to September period, revenues surged 39% to $74.1 million, from $53.16 million a year ago. The bulk or 73% of revenues came from sales of tuna and related products, while the rest came from sales of salmon products.

“Total revenue growth is driven by overall improvement in the sourcing, bidding and production process in ASFII which translated to 44% higher export sales volume for the year versus the same period last year,” the company said.

Cost of goods sold went up 40% to $22.6 million during the July to September period, and by 36% to $63.5 million for the nine-month period.

“We are continuing to see the fruits of our collective hard work and the solid strategy implemented by our team. We would really like to achieve a steady and sustained growth for the company and our shareholders,” Alliance Select President & CEO Raymond K.H. See was quoted as saying in a statement.

ASFII, which operates in General Santos City, also has subsidiaries in Indonesia, New Zealand and the United States. Among its brands sold in the Philippines are Akaroa Salmon, Prime New Zealand and Gold Standard.