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Del Monte Pacific back in the black for Q1 on strong sales in Asia
STRONG sales in Asia gave a fillip to Del Monte Pacific Ltd's (DMPL) first quarter results.
Net profit was US$740,000, a reversal from a net loss of US$7.0 million in the previous year, the group said in a Singapore Exchange filing on Thursday morning.
For the three months ended July 31, revenue edged up 1.4 per cent to US$473.8 million from the preceding year. The rise in revenue was due to the strong performance of its S&W business in Asia, which was partially offset by lower sales in the US, it said.
The group's loss per share narrowed to 0.13 US cent, from a loss per share of 0.36 US cent in the previous year. DMPL had additional share capital in the form of 20 million preference shares as at July 31 this year, compared to a year ago.
DMPL said its US subsidiary Del Monte Foods Inc (DMFI) faces headwinds due to shifts in consumer demographics and preferences, but it will continue to build on its Del Monte brand and realign its business with these consumer trends over time.
It added that it will be exploring e-commerce opportunities for its range of products across various markets.
DMPL expects to be profitable for the 2018 financial year on a recurring basis.