Del Monte Pacific Ltd. swung to an $81.39-million attributable net loss in its fiscal year ending April 2020 due to one-off expenses from plant closures and retirement of loans.
But excluding the one-off items, Del Monte posted a recurring net profit of $32.2 million in the 12 months, more than double its $15.8 million recurring net profit in the same period last year.
In a regulatory filing on Friday, the listed canned fruits manufacturer said revenues grew 9% to $2.13 billion from operations in the United States, the Philippines, S&W Asia and Europe.
Sales from US subsidiary Del Monte Foods, Inc. went up 8% to $1.5 billion, from the Philippines up 10% to $338.9 million, and from S&W in Asia and the Middle East up 9% to $109.8 million.
“Del Monte’s results had been favorably impacted by the pandemic. As consumers stayed home, prepared more meals and consumed more snacks, they purchased trusted brand names and consumed healthier, shelf-stable culinary products,” it said.
The bottomline loss is a result of the company’s efforts to reduce costs by divesting in four facilities in the US. Del Monte Managing Director and CEO Joselito D Campos, Jr. had said previously that the restructuring was a “necessary step” to remain competitive.
Shares in Del Monte at the stock exchange dipped three centavos or 0.61% to close at P4.86 each on Friday.
