Alliance Select loss widens | The Manila Times
ALLIANCE Select Foods International Inc. (ASFII) said Friday that its consolidated net loss from January to September rose by 46.2 percent to $867,000 from $593,000, driven by foreign exchange (forex) losses and higher finance costs.
The company incurred the higher net loss despite a 65-percent increase in net revenues to $39 million from the $23.99 million generated a year earlier.
ASFII said the sustained improvement in gross revenues was anchored on higher selling prices and improved sales of export tuna products. The topline growth was able to partially offset the increased cost of goods sold, mainly due to the rising fish prices and input costs.
In a statement, ASFII President and Chief Executive Officer Jeoffrey Yulo said the firm was on track amid improved productivity.
“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,” he added.
Marketing and administrative expenses increased amid production growth, while finance costs soared due to the high interest rate environment. Meanwhile, forex losses were attributed to the effect of currency translation.
For the third quarter alone, the net loss reached $318,456, a reversal of the $2,722 net income earned 12 months ago, while net sales expanded by $13.9 million from $8.6 million.
As of end-September this year, total assets were said to have amounted to $42.5 million, while total liabilities stood at $26.66 million.
Alliance Select’s shares last closed at P0.48 on Thursday.