Alliance Select Foods International trims losses by 28% to $5.9M
Alliance Select Foods International Inc. today reported it has trimmed its lossed by 28 percent last year to $5.9 million.
In a disclosure to the stock exchange, Alliance Select Foods International said its performance last year “clearly indicates it is well-positioned for a turn-around” despite “some weaknesses in its tuna business” and the “sharp spikes in worldwide raw material prices.”
While there were losses in 2016, my team and I have worked hard to lay the foundation for our company’s long term success. We are confident that all signs point to a turn-around in 2017, and we are looking forward to reaping the rewards in the coming years,” Alliance Select Foods International president and CEO Raymond KH See said in a statement.
The company said it undertook strategic measures that resulted in an increase in the sales of its two subsidiaries, specifically Big Glory Bay and Akaroa. Big Glory Bay reported a 55-percent increase in sales while Akaroa increased its export sales by 34 percent and a 300-percent expansion in profits before tax.
The company said it has been reducing its expenses across its subsidiaries, adding that administrative expenses have been reduced by 31 percent year on year on a consolidated basis. The company also reduced its finance costs to $900,000 last year from $2 million by restructuring its existing debt and paying off higher interest loans.