Del Monte Pacific reports net loss due to closure of two US plants

Del Monte Pacific Limited (DMPL) swung to a net loss for the fiscal year ending April 2018, dragged by the closure of two plants in the United States.
The listed canned fruit manufacturer said its net loss reached $28.2 million in the 12 months ending April, against a net profit of $24.4 million the year before. The performance for the year was weighed down by one-off expenses amounting to $74 million after the company closed down two plants in the US.
The closure of the plants are part of the company’s efforts achieve operational efficiencies among its plants and reduce costs from the US subsidiary, Del Monte Foods, Inc.
Shares in DMPL dropped 38 centavos or 4.75% to close at P7.62 each at the stock exchange on Friday. — Arra B. Francia