Tuna seller Alliance Select triples Q1 net

LISTED tuna cannery Alliance Select Foods International Inc. (ASFII) said Monday that its net income after tax (NIAT) in the first quarter of 2025 reached $215,000 (about P12 million), more than triple or 219 percent higher than earnings booked in the same period last year.

In a disclosure to the stock exchange, the company said "NIAT improved despite an 8 percent decrease in net revenue resulting from lower volume of key products."

The tuna exporter said gross profit in the period reached $1.82 million, up 15 percent compared to the same period last year, thanks to improved plant utilization and a favorable product mix.

"Our numbers are steadily improving, and forecasts are encouraging," Alliance Select President and CEO Jeoffrey Yulo said.

Operating expenses grew 3 percent year-on-year on higher costs arising from outside services, taxes, and fees.

Interest cost rose 3 percent versus last year on loans availed of to support its working capital requirements.

"We look forward to new challenges and opportunities," Yulo stated.

Alliance Select is a homegrown international seafood company engaged in tuna processing, canning, and the export of canned tuna products from its base in General Santos City, Mindanao.

The company, originally registered with the Securities and Exchange Commission as Alliance Tuna International, Inc., listed on the bourse in 2010, changing its name to the current one.

Alliance Select shares were steady at 50 centavos each on Monday amid a 0.81 percent drop for the benchmark Philippine Stock Exchange index.