Source: Business World
Higher sales pushed up profits for canned tuna exporter Alliance Tuna International, Inc. from January to March, despite weak global trade flows.
The net income of listed tuna firm went up by more than a quarter to $220,340. Revenues increased by 42% to $13.3 million during the first three months of the year.
"This increase in sales was primarily due to the fact that the company’s global marketing network helped serve as an insurance against slowdown in some of its traditional markets," Alliance Tuna said.
Alliance Tuna said the number of containers shipped last quarter increased by 57% to 280, with Europe still the top destination of the company’s exports, followed by North America and nontraditional markets.
Earlier this year, the company said it would diversify as part of long-term growth plans, for instance transforming into a food holding conglomerate.
The company bought a controlling stake in a New Zealand-based salmon processing company last January, allowing it to capture a huge market in the Oceania region. The investment in Prime Foods New Zealand is Alliance Tuna’s first attempt to go outside the tuna business.
Alliance Tuna also increased its stake in Indonesian subsidiary PT International Alliance Food Indonesia to 80% from 70% in March, saying that this would provide the company a steady stream of profit.
Alliance Tuna, which started operations in 2004, is engaged in tuna processing, canning, and the export of canned tuna products from General Santos. It exports to Europe, North America, Asia, Africa and South America.
Alliance Tuna shares declined by 1.49% or P0.02 to P1.32 per share on Friday.
Alliance Tuna is one of the firms which are listed in the Atuna Stock Index – click here to go to the Stock Index