Alliance Select Foods International, Inc. (ASFII) on Monday saw its attributable net loss for the second quarter widen to $330,622 from $226,302 in the same period last year due to higher expenses.
Although the company’s net sales rose by 31% to $11.80 million during the quarter, its cost of sales climbed by 33% to $10.98 million, based on its quarterly financial report.
Selling and administrative expenses totaled $892,612, higher by 12.6% from $792,755 in the same quarter in 2022.
Gross profit reached $822,044, up 9.54% from $750,474 previously.
“We are pleased by the increased production efficiency that is helping our top-line growth. Despite the ongoing market and economic concerns, we are optimistic that the various projects we have in place will help to address them,” ASFII President and Chief Executive Officer Jeoffrey P. Yulo said in a media release.
“We will continue to prioritize the implementation of our operational and marketing strategy initiatives,” he added.
Meanwhile, the company’s first-half attributable net loss has been trimmed to $547,327 from $620,217 in 2022.
“Higher finance costs and the impact of currency translation reduced the bottom line,” the company said.
Net sales reached $25.52 million, up 65.57% year on year from $15.41 million, which it attributed to the higher selling prices and increased sales to customers in Europe and Asia.
Likewise, in the six months to June, cost of sales rose by 68.50% to $23.85 million from $14.16 million last year.
“General and administrative expenses increased by 10% because of the increase in marketing expenses and other expenses that is directly correlated with higher sales and production volume,” the company said.
The company’s gross profit went up 32.5% to $1.67 million during the first half from $1.26 million in the previous year.
Earnings before interest, taxes, depreciation, and amortization remained stable at $300,000.
On Monday, shares of Alliance Select Foods went down by P0.01 or 1.92% to close at P0.51 apiece. — Sheldeen Joy Talavera