You are here

Del Monte Pacific swings to black with US$19.2m Q4 profit

DEL Monte Pacific swung to the black in the final quarter ended April 30, 2016, recording a net profit of US$19.2 million compared with a loss of US$4.2 million a year ago.

The improvement was led by a one-off gain of US$8.4 million after tax as well as strong operating results across Asia.

Turnover fell 2.8 per cent to US$520 million owing to lower sales in the United States, which was partially offset by a strong performance in the Philippines under the Del Monte brand and the rest of Asia under the S&W brand, said the firm.

Earnings per share came in at 0.99 US cent from a loss per share of 0.25 US cent.

For the full year, it reported a profit of US$51.5 million versus a loss of US$43.2 million a year ago on the back of a nearly 4 per cent jump in revenue to US$2.3 billion.

The company declared a final dividend of 1.33 US cents per share, representing a 50 per cent payout of FY2016 net profit compared with none the previous year.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes