Homegrown seafood company Alliance Select Foods International Inc. (ASFII, PSE: FOOD) reported consolidated net revenues of $15.9 million for the first quarter of 2020, with net income before tax up by 14% versus the same reporting period last year. The first quarter registered steady net profits despite business disruptions in all areas of FOOD’s operations.
“The first quarter s steady performance shows our strengthened manpower complement and increased production efficiencies in 1Q 2020 two of the main drivers that impacted last year’s performance,” said Alliance Select Chief Executive Officer Raymond K.H. See. “The improvements made in these key areas helped cushion against COVID-19 related disruptions in the first quarter.”
ASFII’s net working capital also showed a significant improvement in 1Q 2020, with loan borrowings likewise improving by a reduction of $4.5 million versus last year. 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, FOOD should be on track for sustainable profitability, and that will become more evident through our results over time,” See added.
Alliance Select Foods International Inc. is a publicly listed seafood company that began as a tuna cannery in General Santos City, and has since expanded its product portfolio to serve customers worldwide.