Alliance Select Faces A Loss
Homegrown seafood company Alliance Select Foods International Inc. (“ASFII” ) reported consolidated net revenues of USD31 million for the first nine months of 2021 versus USD52 million in the comparable period last year but reported a consolidated net loss of USD0.07 million during the first nine months of 2021 versus USD0.6 million in the same period last year.
Photo Insert: Bay of Gold is a collection of premium & full-flavored tuna creations from Alliance Select Foods International, Inc.
EBITDA remained positive with USD0.7 million while gross profit reached USD3.1 million. With the cost of goods sold down by 41% year-on-year, gross profit margin improved to 9.8% in 9M21 from 8.7% in 9M20.
Amidst the COVID-19 pandemic, weak export demand and high freight costs due to the global shortage of shipping containers have continued to dampen sales volume.
The company implemented cost optimization measures to reduce the cost of goods sold and lower selling and administrative expenses, which fell 13% year on year. ASFII also paid down its high-interest-bearing debts, resulting in a 42% decline in interest expense to USD0.5 million in 9M21.
ASFII reported a consolidated net loss of USD0.07 million during the first nine months of 2021 versus USD0.6 million in the same period last year.
For the third quarter of 2021, consolidated net loss amounted to USD0.13 million, an improvement compared to a net loss of USD0.35 million in the same quarter last year.
ASFII Chief Executive Officer Raymond K.H.See said, “We are looking forward to a more stable environment as economies across the globe recover from the impact of the COVID-19 pandemic. We’ve made several adjustments in our business, including streamlining of operations and improving our cost structures, which should allow for better growth coming into 2022.”