Del Monte Pacific's Q2 profit down 57.8%

Singapore

THE closure of its North Carolina plant and severance expenses, which were part of the restructuring exercise started in FY2016 to optimise operations, weighed on mainboard-listed Del Monte Pacific Limited's (DMPL's) second quarter net profit, which was down 57.8 per cent year on year to US$20.2 million.

A year ago, there was also a one-time net gain of US$31.9 million in the same period.

Excluding the one-off item, net profit for the three months as at end October 2016 rose 32.9 per cent year on year to US$21 million. Revenue for the quarter came in at US$636.2 million, down 4.6 per cent due to lower sales in the United States. But this was partially offset by the s…