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Rising above challenges: tuna exporter Alliance Select cuts losses as revenue soars

Seafood exporter Alliance Select trimmed its net loss by 25% to $2.6 million, driven by higher revenues.

Alliance Select saw revenues soar 63% to $56.5 million due to significant jump in export volume of its tuna products, along with improved selling prices across all product segments.

While fish costs increased in 2023, the company effectively mitigated this by implementing pricing adjustments later in the year.

Additionally, higher plant utilization resulted in lower manufacturing overhead costs.

Despite the positive results, Alliance Select acknowledged some challenges. Unfavorable interest rates contributed to an increase in finance costs. Selling and administrative expenses also went up due to inflationary pressures.

Alliance Select president and CEO Jeoffrey Yulo said the results are encouraging. “ Despite external challenges posed by high interest rates, our numbers continue to improve as we ramp up efforts to improve volume, revenue and gain further operational efficiencies.”

Milyonaryo | Latest News