SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Aug 11, 2022

2. SEC Identification Number

CS200319138

3. BIR Tax Identification No.

227-409-243-000

4. Exact name of issuer as specified in its charter

ALLIANCE SELECT FOODS INTERNATIONAL, INC.

5. Province, country or other jurisdiction of incorporation

National Capital Region, Philippines

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

Suite 3104-A, West Tower, Philippine Stock Exchange, Exchange Road, Ortigas Ave., Pasig City Postal Code 1605

8. Issuer's telephone number, including area code

632 8637 8800

9. Former name or former address, if changed since last report

Not Applicable

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON SHARES	2,499,712,463

11. Indicate the item numbers reported herein

Item No. 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Alliance Select Foods International, Inc.FOOD

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
Alliance Select Reports USD15 Million in Net Revenues for 1H2022
Background/Description of the Disclosure
Homegrown seafood company Alliance Select Foods International Inc. (“ASFII” or the “Company”, PSE: FOOD) reported consolidated net revenues of USD15 million for the first half of 2022 versus USD20 million in the comparable period last year. Higher production efficiency has resulted in a 22% year-on-year (YoY) reduction in manufacturing costs. This partially mitigates the impact of weak export demand as freight costs remain elevated. Gross profit went down 29% to USD1.3 million in the first half of 2022. Excluding the contribution of former subsidiary Akaroa, which was divested in November 2021, gross profit would have increased 21%. Selling and general administrative expenses fell 30% YoY as the Company continues to implement cost-saving measures. The reduction in debt levels also resulted in a 42% drop in interest expense to USD180 thousand. ASFII posted a consolidated net loss of USD620 thousand during the first half of 2022, slightly higher than the USD595 thousand net loss in the same period last year. ASFII President and CEO Jeoffrey P. Yulo said, “We are seeing sequential improvement in our operating income amid the challenges of high shipping rates and rising inflation. In the second quarter of 2022, net revenues have improved 40% quarter-on-quarter while gross profit increased 48%. Gross profit margin has expanded to 8.3% vs 7.9% a quarter-ago. Greater production efficiency is expected to continue on higher plant utilization rate.” The Board of Directors of ASFII also approved the liquidation of ASFII’s indirect subsidiary in Indonesia, PT Van De Zee. The Indonesian company was organized to engage in fishing activities in Indonesia, however, the company has not been able to operate due to the long-standing moratorium in Indonesia against fishing by foreign entities.
Other Relevant Information
Alliance Select Foods International Inc. is a publicly listed seafood company engaged in tuna processing serving over 30 countries worldwide. Please see attached Press Release.