Tuna firm Alliance Select Foods earnings drop on lower fish supply

Lower revenues and higher expenses reduced the net income of canned tuna exporter Alliance Select Foods International by half in the year's first six months. Alliance Select Foods told the Philippine Stock Exchange on Friday that its earnings declined to $445,000 from $916,000 a year earlier or a reduction of some 51 percent. "The company continued to operate under a very challenging environment during the period as tuna raw material became scarce due to inclement weather conditions," Alliance Select Foods said. Consolidated revenues dropped to $20.5 million from $22.6 million in the same period last year owing to a 29-percent drop in sales volume owing to the erratic supply of fish. Selling and administrative expenses climbed 17 percent to $2 million. "While the gross profit of $2.95 million for this year was about the same as last year of $2.97 million, the increase in operating expenses and finance costs this year over last year caused the drop of this year's net income," Alliance Select Foods said. - CMA/OMG, GMA News