Del Monte Pacific in the black in Q2 on one-off expenses a year ago

Singapore

FOOD and beverage company Del Monte Pacific posted a net profit of US$8.4 million for the second quarter ended Oct 31, a reversal of the loss of US$2.8 million from a year ago on the back of one-off expenses of US$13.1 million related to its underperforming vegetable business.

Turnover for the quarter fell 11 per cent to US$556.3 million, mainly due to the planned divestiture of the Sager Creek vegetable business in September 2017 and lower sales in the US. Earnings per share stood at 0.18 US cent, up from a loss of 0.32 US cent previously.