Businessmirror
Written by Miguel R. Camus
LISTED canned tuna manufacturer Alliance Tuna International Inc. (ATII) is optimistic of prospects next year as it expects to start operations of a facility in General Santos that can produce 2 metric tons of packed salmon a day. The products will be exported mainly to Hong Kong and Japan.
The company had also acquired in January the majority stake in a New Zealand firm for NZ$1.15 million (about P32 million). Apart from the equity investment, ATII will also extend a loan of NZ$150,000 to Prime Foods, which will earn interest at market rate after the first year.
Alliance Tuna is one of the leading canned tuna manufacturers in the Philippines. Its facilities are located in the southern part of the Philippines with a daily capacity output of 140 metric tons per day.
As this developed, ATII said exports increased by almost a fifth despite the decline in prices that continued to weigh down on sales.
In a financial report, Alliance Tuna said it shipped 782 container loads of canned tuna, or 113 units more than the same period last year. However, in terms of value the company posted revenues of only $36.5 million, a drop from $39 million last year. Read more...
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