Alliance Select pins hope on new revenue stream
FISH EXPORTER Alliance Select Foods International Inc. expects salmon to account for a larger bulk of its revenues this year, with subsidiary Big Glory Bay Salmon and Seafood Co. planning to increase shipments to markets in Asia.
“Salmon sales will create [sic] a significant push for [2012] because Big Glory Bay will have been in operation for 12 months,” Rajat Balain, Alliance Select’s assistant vice-president for corporate planning said in phone interview two weeks ago.
Mr. Balain had said that revenues from salmon were not a major driver for 2011 sales since Big Glory Bay started operations just last August.
“Salmon sales will contribute one-fourth to one-third of the company’s sales,” he said, noting however that tuna sales should fare well too.
Export ventures of the company will also focus on Asia since there is more market opportunity in the region, rather than markets in the West, where the firm has already established a network with suppliers and producers.
Earlier, Mr. Balain said that the company would be shipping its first smoked salmon order to South Korea this month, and is looking at opportunities in China, and Malaysia and Indonesia.
Salmon processed by its subsidiary comes from New Zealand.
Alliance Select, formerly Alliance Tuna International, Inc., recorded a net loss of $1.44 million in the third quarter of 2011, 227% bigger than 2010’s $380,208 loss, according to its latest financial report, as the firm bankrolled acquisitions. The nine-month net loss totaled $959 million, a reversal from 2010’s $766,549 profit. — C. H. C. Venzon
www.bworldonline.com
