Strong sales lift Alliance Select 1st half profit

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Alliance Select

IMPROVED SALES of salmon and tuna helped Alliance Select Foods International, Inc. grow its profit 126% in the first half of 2017.

The international seafood firm told the stock exchange on Thursday that attributable net income reached $320,000 in the six months ending June, 126% higher from the same period last year.

Total consolidated revenues rose 10% to $35 million with “the sustained double-digit growth in its salmon segment, and strong recovery in the performance of its tuna segment.”

During the first half, Alliance Select said tuna sales were valued at $20 million, up 5% year on year, while the firm’s salmon segment jumped 19% to  $13.7 million.

“[O]ur turnaround strategy continues to deliver healthy revenue growth supported by continued diversification of our product lines, expansion of customer segments, effective working capital management, and steadfast focus on operational efficiencies,” Alliance Select President & CEO Raymond K.H. See was quoted.

Shares in Alliance Select added 5 centavos or 6.25% to close at 85 centavos apiece on Thursday. — Janina C. Lim