Del Monte swings back to profit
Del Monte Pacific Ltd. said its profit in the first quarter of the year reversed losses from a year ago amid strong performance in Asia and the Middle East.
In a regulatory filing on Thursday, the company said its net income in the May to July period totaled $0.7 dollars, a reversal from losses of $7 million in the same period as last year “as a result of the robust performance of the Asian business.”
Revenues during the period rose year-on-year by 1 percent to $473.8 million, said the firm, atrributing growth to a strong portfolio of its S&W brand in Asia and the Middle East which offset lower sales of its United States, Del Monte Foods, Inc., which posted its weakest quarterly performance.
“Our business in Asia continued its strong momentum in the first quarter
driven by DMPI’s growth through S&W’s significant progress as it expanded its business in existing markets and broke ground in new markets. In the Philippines, we continued to drive increased consumption frequency amongst a wider base of consumers through sustained investments in advertising, product innovation and expanded trade availability,” Joselito D. Campos, J., DMPL’s Managing Director and CEO said.
The company expects profitability for the full year 2018.