Seafood canner Alliance Select Foods International Inc. said profit for the first quarter of the year reached $12,631, up 5 percent from $12,030 last year.
Revenues amounted to $15.94 million, down 19 percent from $19.59 million last year.
The company reported a 14- percent increase in net income before tax and said this highlights “steady net profits” amid disruptions in all areas of its operations that include salmon and other seafoods processing and canning in the country and in New Zealand, and fishing and export trading in Indonesia.
“The first quarter’s steady performance shows our strengthened manpower complement and increased production efficiencies in Q12020 (first quarter) – two of the main drivers that impacted last year’s performance,” said Raymond K.H. See, Alliance Select chief executive officer.
“The improvements made in these key areas helped cushion against COVID-19 related disruptions in the first quarter,” he added.
See said Alliance Select’s net working capital showed a significant improvement for the period, with loan borrowings declining by $4.5 million compared to last year.
“While we do anticipate that COVID19 related disruptions will continue to impact the group in the near term, now that the company is in a strong financial position, and as long as we continue to improve efficiencies in production and maintain resilient operations, Alliance Select should be on track for sustainable profitability, and that will become more evident through our results over time,” See said.