Listed seafood firm finishes Q3 with higher revenues, earnings
Listed seafood company Alliance Select Foods International Inc. has reported higher income and revenue in the third quarter of this year on the back of its strategic turnaround measures, increased sales, and new market entries.
In its financial report, the company said it posted third quarter 2017 net sales of $18.4 million, bringing its consolidated year to date net revenue to $53.16 million, 16 percent higher than prior year period’s $45.76 million.
Its tuna and related products provided bulk of the revenue, contributing 61 percent or $32.42 million. The salmon segment brought in the remaining 39 percent with $20.74 million in net revenue, staying close to last year’s 62:38 tuna to salmon sales ratio.
The growth, according to Alliance Select, is driven by expanded market penetration following the results of improved operational efficiencies and new product innovations.
All in all, the company ended the third quarter with net income before tax of $943,000, representing a 136-percent increase from the same reporting period last year.
“While raw material prices remain volatile, we continue to rationalise operations while developing new business opportunities. Alliance Select’s significant progress in the third quarter is an indication to management to increase our efforts and momentum even further,” Alliance Select chief executive officer and president Raymond KH See said.
Alliance Select is a homegrown international seafood company with its products distributed in various foreign markets including Europe, the US, Japan and the Middle East.