Canned tuna exporter Alliance Select Foods International Inc. (ASFII) widened its losses in the first nine months of the year as higher expenses offset expansion in its topline.
ASFII recorded a consolidated net loss of $867,000 in the nine-month period, surpassing the $593,000 net loss incurred in the same period last year.
The company witnessed a rise in marketing and administrative expenses in line with production growth. However, it noted that finance costs increased due to the high-interest rate environment, while forex losses resulted from the impact of currency translation.
Net revenues for the period, on the other hand, rose by 65 percent to $39 million, primarily due to higher selling prices and improved sales of export tuna products. This partially offset the high cost of goods sold, mainly driven by rising fish prices and input costs.
ASSFII said the company’s fourth-quarter projections favorableare showing trends for the business.
The improved productivity supporting our topline growth gives us the right momentum,” said ASFII President and CEO Jeoffrey Yulo.
“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.”