Del Monte narrows Q1 loss to US$12m

FOOD and beverage company Del Monte Pacific reported a net loss of US$12 million for the three months ended July 31, 2015, compared to a loss of US$21.9 million a year ago.

Revenue rose 6.1 per cent to US$472.8 million.

The net loss was due to the seasonally weak first quarter of US subsidiary Del Monte Foods (DMFI), in addition to expenses from the implementation of the SAP enterprise resource planning software, the company said.

Said Nils Lommerin, CEO of DMFI, in a press release: "Our financial performance tends to be skewed towards the second half of our fiscal year when Del Monte is the brand of choice for festive occasions.

"As we continue to unlock the growth potential of our products, accelerate our penetration of the food service sector and ethnic Asian market as well as enter new vegetable segments, our results will improve further."

Del Monte closed trading unchanged at 32 Singapore cents, before results were announced.