Del Monte swings to loss in Q1 on lower revenue

Singapore

DEL Monte Pacific swung to a net loss of US$38.3 million for its first quarter ended July 31, against a profit of US$3 million in the previous corresponding period.

The dual-listed, Philippines company said its revenue fell 14 per cent to US$375.9 million, mainly due to the sale of its Sager Creek vegetable business in September 2017, lower sales in the US and lower exports of processed pineapple products.

Stripping out Sager Creek's sales, revenue in the firs…