Del Monte Pacific reverses losses with profit of US$21.85 million for Q2 FY21

DEL Monte Pacific reported a net profit of US$21.85 million for the second quarter ended Oct 31, 2020, reversing from a loss of US$37.35 million a year ago.

The corresponding quarter last year saw its earnings impacted by one-off expenses.

Revenue rose nearly 12 per cent year-on-year to US$623.45 million, fuelled by higher sales in the US and the Philippines.

Earnings per share for the quarter worked out to 0.87 US cents, versus a loss per share of 2.18 US cents a year ago.

For H1 FY2021, it clocked a net profit of US$18.6 million, versus a net loss of US$75.62 million previously, while revenue grew nearly 11 per cent to US$1.04 billion.

The group expects to return to profitability in FY2021, barring unforeseen circumstances, it said.

Shares in Del Monte closed at 16.3 Singapore cents, up 0.6 cent or 3.82 per cent, on Thursday.