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.