Del Monte Pacific posts net loss of US$14.1m in Q4 on acquisition and non-recurring expenses

DEL Monte Pacific (DMPL) posted a net loss of US$14.1 million for the fourth quarter ended April, narrowing its losses from US$38.7 million a year ago. This included non-recurring expenses amounting to US$8.9 million.

Its revenue for the quarter rose 45.1 per cent, from US$364.0 million to US$528.2 million.

For the full year ended April, the group posted a net loss of US$38 million, from US$32.2 million a year ago. Revenue almost tripled, from US$743.3 million to US$2.2 billion.

DMPL acquired US-based Del Monte Foods, Inc (DMFI) on Feb 18 and aligned its financial year with that of DMFI. The group had previously noted that the acquisition would impact its bottom line.

"Fiscal year 2015 was a year of transition, integration and strengthening the core business. We successfully laid a solid foundation from which we will execute our growth plans in the coming year," said Joselito Campos, Jr, CEO and managing director of DMPL.

"Without the acquisition and non-recurring expenses, we look forward to a sustained momentum and a return to profitability for the group in fiscal year 2016."