Del Monte back in the black in Q3
DEL Monte Pacific reversed its loss to turn in a net profit of US$590,000 in the third quarter ended Jan 31, 2016, thanks to the absence of a large provision for inventory as well as foreign exchange losses it had recorded a year ago.
The group's revenue slipped 7 per cent to US$594.1 million, due to weaker sales in its US subsidiary Del Monte Foods Inc. This was partially offset by a better performance in the Philippines, which sales grew 6 per cent on the back of holiday season advertising campaigns.
The group is planning to issue up to US$360 million in US dollar-denominated perpetual preference shares in the Philippines later this year, which will further improve its leverage ratios, it said.
Shares in Del Monte closed 2.6 per cent higher at 39.5 Singapore cents on Friday, before the results announcement.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China to facilitate Hong Kong IPOs and expand Stock Connect
Global equity funds see surge in outflows as rate cut hopes fade
Gazelle Ventures makes cash offer for No Signboard shares at S$0.0021 apiece
Global wave of consultancy layoffs has not hit Singapore
P&G raises annual core profit forecast on resilient demand, price hikes
American Express’ premium customers help it surpass profit expectations