Alliance Select Foods International bullish on 2016
Despite its losses and infighting among its shareholders, Alliance Select Foods International Inc. is bullish of its prospects this year.
“We believe that 2016 will be a better year for the Company. The Company is successfully managing costs, and we continue to forge new market channels,” Alliance Select Foods International president and CEO Raymond See said in a statement.
“In 2015, we exerted a lot of effort and focused our resources on strengthening our relationships with our existing customer base, and all these efforts should bear fruit in 2016. Our commitment towards our stakeholders is and will always be unwavering which is the reason why we are all optimistic that this clean-up will translate into further value creation that will benefit all of our stakeholders.’’ See said.
Several government approvals or accreditations of Alliance Select Foods International will expire this year.
In fact, its Certificate of Conformity-BRC Global Standard and International Food Standard Certification expired this week. In June, its Kosher accreditation will also expire. The Kosher accreditation, Halal Certification, and HACCP Certification of its Indonesian subsidiary will also expire in June.
Alliance Select Foods International trimmed its losses by more than a half last year to $8 million, with its revenues declining with the loss of its biggest salmon buyer. The company’s administrative expenses also increased.
The company blamed the loss on the “unstable environment in the fishing industry as well as the challenges tackled by the company in 2015.”
“The past two years were very challenging for ASFII as it executed necessary cost efficiency measures geared towards financial stability. The losses are a result of a very meticulous clean-up process and we fully expect that this optimization process will reveal its progressive results starting the first quarter of 2016,” See said.
The company said its new management aggressively implemented cost efficiency initiatives in 2015 to improve operations and maintain financial stability.
The infighting among its shareholders was also among the challenges, resulting in the postponement of its annual stockholders meeting last year and several court cases. (By: Eileen A. Mencias)