Alliance Select Foods International Inc. said losses last year reached $3.5 million, up 218.18 percent from the prior year’s $1.1 million.
Revenues reached $35 million, down 14.63 percent from $41 million in 2021, attributed to the divestment of its New Zealand unit, Akaroa Salmon, last year.
The company, however, said it still experienced volume growth in all its major product lines overseas.
“The improvement in the production plant utilization rate has reduced the cost of goods sold by 12 percent to $31 million. Gross profit, excluding Akaroa’s contribution in 2021, rose 18 percent to $3.1 million,” the company said.
“We aim to implement more strategic initiatives to support the growth trajectory of the company amid the challenges of rising inflation,” said Jeoffrey Yulo, Alliance Select president.
