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Alliance Doubles Earnings On Improved Tuna Sales

Listed canned tuna exporter Alliance Tuna International Inc. reported that its earnings in the first four months of the year nearly doubled on higher sales.

Alliance Tuna told the Philippine Stock Exchange that its net income rose 92 percent to $538 million in the January to April period as net sales climbed 34 percent to $18.805 million.

Gross profit also improved 31 percent to $1.292 million while finance expenses shot up 61 percent to $113 million.

Earlier this year, Alliance Tuna raised its stake to 80 percent in PT International Alliance Food Indonesia.

It has also paid 1.3-million New Zealand dollars for the controlling stake in a New Zealand-based salmon processing company.

The listed company has revealed its plans to diversify into other food products as part of its long-term growth plans.