Del Monte’s surging debt is a US$2.5 billion red flag for investors

FOR a household name, canned-food brand Del Monte Pacific is performing surprisingly poorly on the stock market.

The company, best known for its canned fruits and vegetables, was among the worst performers on the Singapore Exchange last year, generating a total return of negative 61.1 per cent.

For the first half of its FY2024 ending October, the company posted a net loss of US$21.6 million. It had reported earnings of US$19 million in the corresponding year-ago period, including one-off items. The loss came despite a 2.4 per cent increase in sales to about US$1.2 billion.