LOWER “one-off” expenses for its US subsidiary helped fruit and vegetable seller Del Monte Pacific deliver a third-quarter net profit of US$2.6 million, from a net loss of US$38.4 million for the year-ago period, the group said in a Singapore Exchange filing on Friday morning.
The group, which is listed here and in the Philippines, said that without “one-off” adjustments - for both years for its US subsidiary - for plant closures and tax changes, its recurring net income of US$3.0 million would have been lower than last year’s recurring net income of US$3.4 million. Sales were also lower in the Philippines, mainly driven by operational issues and “distribution transition” in the general trade channel.Del Monte expects to be profitable for its fiscal 2019, though it said it faces headwinds due to changes in consumer demographics and preferences, as well as Americans’ eating and shopping patterns and preferences.
Source: News Formal (newsformal.com)
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