International seafood company Alliance Select Foods International Inc. reported consolidated net revenues of $19.6 million for the first quarter of 2019.
The first quarter registered a gross profit of $2.7 million, maintaining a gross profit rate of 14% as in the same reporting period last year with neutral net profits.
“The first quarter results are what we had expected as we focus on delivering sustainable cash flows and long-term growth for the business,” said Alliance Select’s Chief Executive Officer Raymond K.H. See.
“With strong momentum of our core businesses and exciting growth prospects of new products in the pipeline, Alliance Select is targeting to ramp up performance later in the year,” See added.
Growth prospects for the company include the recent investment by Alliance Select of
approximately $2 million to improve and upgrade its facilities, and to develop and implement research and development initiatives.
The investments are expected to provide efficiencies in the company’s current operations that will directly contribute to the Company’s bottom line and long term growth.
Alliance Select Foods International Inc. is a homegrown publicly listed seafood company operating in General Santos City, with subsidiaries in Indonesia, New Zealand and the USA.