Del Monte books lower income in last fiscal year
Because of higher interest expenses, Del Monte Philippines Inc. (DMPI) saw its income dipping by P100 million to P2.6 billion for the fiscal year ending April.
Meanwhile, the firm’s operating income merely went up by 2 percent to end at P3.3 billion.
As for sales, it generated P27.6 billion.
Moving forward, the company is optimistic that its profit will have a turnaround in the next fiscal year.
“With better collection of receivables, which already started towards the end of fiscal year 2018 and continued into the start of fiscal year 2019, the company is well positioned to lower its borrowings and interest expense this coming year,” DMPI said in a statement, which was cited by Philippine Star.
“The Philippine market with its key Del Monte brand is expected to continue to deliver higher profits. Meanwhile, exports profitability is expected to improve from better sales mix with higher fresh pineapple sales under S&W, and increased export margins from pricing, cost management and operational efficiencies,” it added.