Del Monte Pacific profit plunges 97.9%

Singapore

DESPITE soaring revenues, mainboard and Philippines-listed Del Monte Pacific Limited (DMPL), recorded a 97.9 per cent plunge in net profits for the second quarter of FY2015, after taking a US$20.5 million hit from expenses relating to its acquisition of US packaged food producer Del Monte Foods, Inc (DMFI) in February this year.

For the three months ended Oct 31, 2014, revenues more than tripled to US$548 million, from US$136.3 million for the corresponding period of 2013, while net profits slumped to US$185,000, from US$8.85 million.