ALLIANCE Select Foods International Inc.’s (ASFII) net income before tax (NIBT) climbed by 14 percent to $121,021 in the first quarter from $106,544 in the same period last year. Its consolidated revenues for the period, meanwhile, declined by 19 percent to $15.9 million from $19.6 million year-on-year. In a regulatory filing, the listed seafood company said it still registered steady net profits despite business disruptions in its operations. “The first quarter’s steady performance shows our strengthened manpower complement and increased production efficiencies in the first quarter — two of the main drivers that impacted last year’s performance,” Alliance Select Chief Executive Officer Raymond K.H. Alliance Select also said its net working capital improved during the quarter and its loan borrowings was reduced by $4.5 million.

Source: Manila Times August 10, 2020 16:18 UTC