Source: Business World
Fish processor Alliance Select Food International, Inc. is expecting higher earnings in the second half, with higher harvests seen to turn around the decline recorded in the first semester.
Rajat Balain, corporate information officer of Alliance Select, said higher sales are usually seen during the holiday season while the recovery of tuna harvest should also cause a pickup.
“Traditionally, majority of the sales increase by 5%-6% in the second half, especially for salmon, because of the holiday sales and thanksgiving season,†Mr. Balain said in a phone interview.
He added that the firm’s tuna catch in General Santos and Indonesia has recovered.
“[Harvests] have been picking up in the last few months,†he said.
Alliance Select’s revenues dropped in the first half by 6.9% to $9.552 million. The firm blamed the decline on the scarcity of tuna raw materials due inclement weather.
Costs fell slightly to $8.040 million, bringing the firm’s first- semester earnings to $444,681, 51.4% lower than last year’s.
Mr. Balain also noted that the recent export venture of its General Santos-based subsidiary Big Glory Bay Salmon and Seafood Co. would also be a factor in the firm’s projected profit hike.
The company reported last week that its subsidiary had begun exporting salmon products to Asian countries, particularly to large supermarket chains in Hong Kong and Singapore, and importers from Japan. Orders from other countries in the region are already in the pipeline.