Published:
Del Monte swings back to the black with US$19.2m profit in Q4
On back of hefty one-off gains.
Mainboard-listed Del Monte Pacific returned to profitability in the last quarter of its financial year after booking a net profit of US$19.2 million.
This is an impressive leap compared with a loss of US$4.2 million in the same period last year. The growth was driven by a one-off gain of US$8.4 million after tax, as well as robust operating results in its core operating markets in Asia.
However, revenue dropped by 2.8% to US$520 million due to lower sales in the United States. This was partly mitigated by strong sales in the Philippines and the rest of Asia.
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