Del Monte Pacific narrows Q1 losses with restructuring savings

Singapore

SAVINGS from a restructuring that started last year helped Del Monte Pacific narrow its losses in the first quarter. For the three months ended July 31, the group recorded a loss of US$8.7 million, from a net loss of US$10.7 million in the previous year.

First-quarter revenue shrank 2.8 per cent to US$465.5 million year on year on the back of lower non-branded sales in the United States, though this was partially offset by the strong performance of the Del Monte brand in the Philippines and the S&W brand in the rest of Asia, it said.