Del Monte Pacific reports $19.9M net income in first 9mos
Del Monte Pacific Ltd. reported a net income of $19.9 million in the first nine months of its fiscal year, lower than the $32.3 million reported a year ago because of one-off expenses this year and a one-off gain from last year.
In a disclosure to the stock exchange, Del Monte Pacific said its recurring net income for this year would have amounted to $26.7 million, a significant improvement from last year’s $9 million, if not for the one-offs.
Del Monte Pacific said last year’s performance included the one-time gain of $23.3 million from Del Monte Food Inc.’s retirement plan amendment. This year’s financial performance, meanwhile, included a one-off expense amounting to $5.4 million from the closure of its North Carolina plant and severance pay related to it.
For the third quarter alone, the group’s net income amounted to $8.5 million, a turnaround from the $4.8-million net loss reported in the same period last year.
“Our significantly higher profit was driven by strong sales in the Philippines and S&W Asian markets as well as operational efficiency improvements resulting in cost reduction.
We continue to build on the consumption driven growth in Asia as our team optimises opportunities in both the retail and foodservice sectors,” Del Monte Pacific group CEO and managing director Joselito D Campos Jr. said.