TUNA canner Alliance Select Foods International Inc. said it posted another net loss last year, attributing it to the unstable environment faced by the fishing industry.
The company said its loss last year amounted to $8 million or the same as in the previous year, while revenues fell to $68 million, down from the previous year’s $74.73 million, or a 32-percent drop.
The company’s canned-tuna division contributed 56 percent of the total company revenue.
“The loss is mainly attributed to the current unstable environment in the fishing industry, as well as the challenges tackled by the company in 2015. The net loss is significantly lower without one-off charges undertaken by the company as part of its objectives on achieving cost efficiencies,” the company said.
Its total assets grew by 4 percent to $69 million, from $66 million in 2014, mainly from a $15-million increase in cash from the company’s successful stock-rights offering.
“The past two years were very challenging for us as we executed necessary cost-efficiency measures geared toward financial stability. The losses are a result of a cleanup process, and we fully expect that this optimization process will reveal its progressive results starting the first quarter of 2016,” the company’s president and CEO Raymond See said.
The company’s new management claimed to have implemented cost-efficiency initiatives in 2015 to improve operations.
Despite its bitter rivalry with its Singaporean partners, the company was picked as one of the consumer stocks recommended by leading brokerage firm COL Financial as among those expected to appreciate in value in the coming quarter.
“The recommendation is, indeed, something to celebrate for the company, and I take it as a validation of the new management team’s turnaround efforts. We believe 2016 will be a better year for the company,” See said.
“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 toward our stakeholders is and will always be unwavering, which is the reason we are all optimistic that this clean-up will translate into further value creation that will benefit all our stakeholders,” he said.
1 comment
Can you please proof read your headline before publishing them? Headlining Alliance Select loses 8 billion dollars speaks about the kind of editorial staff you have. 8 billion dollars is equivalent to the market cap of PLDT.