Thursday, January 28, 2021

Alliance Select first quarter NIBT up by 14 percent


Latest Stories

Dacera died of ‘natural causes’ — PNP 

THE PHILIPPINE National Police (PNP) ruled out homicide in the case of flight attendant Christine Dacera and said that she...

House OKs bill granting president power to suspend SSS contribution hikes

THE House of Representatives approved on second reading the bill granting the country's president the power to suspend the...

Metro Manila mayors to IATF: Retain GCQ in Feb

METRO Manila mayors will ask the Inter-Agency Task Force on Emerging Infectious Diseases (IATF-EID) to retain the general community...

PH logs 2,245 new Covid cases, highest this January

THE Philippines has, so far, logged its highest number of coronavirus disease 2019 (Covid-19) infections on Wednesday at 2,245,...

60,000 OFWs stay put in host countries after vaccination

SOME 60,000 overseas Filipino workers (OFWs) who signified their intentions to be repatriated have changed their minds and opted to...

Alliance Select Foods International Inc.’s (ASFII) net income before tax (NIBT) climbed by 14 percent to $121,021 in the first quarter from $106,544 in the same period last year.

Its consolidated revenues for the period, meanwhile, declined by 19 percent to $15.9 million from $19.6 million year-on-year.

In a regulatory filing, the listed seafood company said it still registered steady net profits despite business disruptions in its operations.

“The first quarter’s steady performance shows our strengthened manpower complement and increased production efficiencies in the first quarter — two of the main drivers that impacted last year’s performance,” Alliance Select Chief Executive Officer Raymond K.H. See was quoted as saying.

“The improvements made in these key areas helped cushion against Covid-19 (coronavirus disease 2019)-related disruptions in the first quarter,” See added.

Alliance Select also said its net working capital improved during the quarter and its loan borrowings was reduced by $4.5 million.

“While we do anticipate that Covid-19 related disruptions will continue to impact the group in the near term, now that the company is in a strong financial position, and as long as we continue to improve efficiencies in production and maintain resilient operations, Alliance Select should be on track for sustainable profitability, and that will become more evident through our results over time,” See assured.

ASFII started as a tuna cannery in General Santos City but has since expanded its product portfolio worldwide.

Shares of ASFII gained 4 centavos or 6.35 percent to close at 67 centavos each on Monday.



Today's Front Page