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.

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