Processed tuna exporter Alliance Select Foods International Inc. (ASFII) reported a higher net loss of $867,000 in the first nine months of 2023 from $593,000-loss in the same period last year due to rising costs, interest payments and foreign exchange losses.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its consolidated net revenues jumped 65 percent to $39 million for the first nine months of 2023. 

“The sustained growth in gross revenues was largely due to higher selling prices and better sales of export tuna products,” ASFII said. 

It noted though that, “this partially offset the high cost of goods sold, which was mostly brought on by rising fish prices and input costs. Marketing and administrative expenses have gone up in lockstep with production growth.”

ASFII added that, “finance costs have increased due to the high interest rate environment, while forex losses came from the impact of currency translation.”

However, the firm said its fourth quarter projections are showing favorable trends for t”he business.”

“The improved productivity that is supporting our top- line growth gives us the right momentum,” ASFII President and CEO Jeoffrey P. Yulo said. 

He added that, “we are certain that the several projects we have in place will contribute to addressing the persistent market and economic issues. The execution of our operational and marketing strategy projects will remain our top priority.” 

ASFII is a publicly listed seafood company engaged in tuna processing serving over 30 countries worldwide.