Del Monte Pacific looks to end flow of red ink this year
The Campos family-controlled Del Monte Pacific Ltd. is looking to return to profitability for fiscal year 2016, having successfully integrated and strengthened its core business.
In its 2015 Annual Report, Del Monte Pacific said: “We successfully laid a solid foundation from which we will execute our growth plans in the coming year. We look forward to a sustained momentum and a return to profitability in FY2016.”
Del Monte Pacific is now a global branded food and beverage multinational company with sales of over $2 billion.
In the US, the company plans to strengthen its College Inn broth brand. It plans to develop the Mexican market and is looking at the South American continent for the long term.
Del Monte Pacific is looking to expand its branded business in Asia, specifically Del Monte in the Philippines and S&W for the rest of Asia and the Middle East.
“As a global company, beyond the localised approach in growing each market, we must think beyond borders and seize opportunities across our markets, sharing best in class practices and forging partnerships with breakthrough technology,” Del Monte Pacific said in its report.
Del Monte Pacific changed its fiscal year to end in April 30 to synchronize it with the end of the fiscal year of its US subsidiary, Del Monte Foods Inc.
Its 2015 Annual Report covers January 2014 to April 2015 and has no audited FY2014. Del Monte Pacific incurred a net loss of $38 million for fiscal year 2015 due mainly to acquisition-related and nonrecurring expenses amounting to $62.6 million. (Eileen A. Mencias)