Alliance select's revenue up 63%, reduces loss

Apec’s economy grows 3.5 amid strong household spending
SunStar Business

ALLIANCE Select Foods International Inc. (ASFII) grew consolidated net revenue 63 percent in 2023 to US$56.5 million driven by higher volume and recalibration of selling prices.

Food’s manufacturing overhead improved by 22 percent from the previous year, as plant machineries were upgraded to optimize efficiency. As a result, higher plant utilization was achieved compared to the previous year.

The group’s 2023 gross profit margin decreased by 70 basis points to 8.5 percent from the previous year, due to supply chain challenges from the first quarter to the third quarter.

This was mitigated by favorable supply costs in the fourth quarter, coupled with pricing adjustments and lower manufacturing overhead. Gross profit increased 52 percent in 2023.

Higher finance costs in 2023 impacted the bottom line, with ASFII posting a consolidated net loss of $2.6 million.

This was 25 percent less than 2022’s net loss of $3.5 million. / PR

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