Del Monte Pacific narrows Q4 loss to US$14.1m

Singapore

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. These comprise a US$4.1 million write-off of US subsidiary DMFI's (Del Monte Food, Inc) assets and its remaining net investment in the Venezuelan business and ERP (Enterprise Resource Planning) implementation of US$5.4 million, offset by a net gain of US$0.6 million.

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

DMFI, which DMPL acquired last year, generated US$423.1 million of sales. Using pro-forma full quarter basis and including DMFI's recently acquired Sager Creek Vegetable Company's vegetable business DMFI's sales grew by 7 per cent.

For the full year ended April, the group posted a net loss of US$38.0 million, from US$32.2 million a year ago. Revenue increased from US$743.3 million to US$2.2 billion. DMFI generated sales of US$1.7 billion in 2015, 5 per cent higher on a pro-forma same period basis.