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Del Monte Pacific posts 3Q loss of US$38.4 mil on one-off expenses from new US tax rates

Michelle Zhu
Michelle Zhu3/8/2018 08:56 AM GMT+08  • 2 min read
Del Monte Pacific posts 3Q loss of US$38.4 mil on one-off expenses from new US tax rates
SINGAPORE (Mar 8): Del Monte Pacific (DMPL) announced a 3Q18 loss of US$38.4 million ($50.5 million) due to one-off expenses, mainly due to a US$39.8 million write-off of deferred tax assets in the US, due to the change in US Federal income tax rate from
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SINGAPORE (Mar 8): Del Monte Pacific (DMPL) announced a 3Q18 loss of US$38.4 million ($50.5 million) due to one-off expenses, mainly due to a US$39.8 million write-off of deferred tax assets in the US, due to the change in US Federal income tax rate from 35% to 21%.

Without the overall one-off expenses, the group would have posted remained profitable with earnings of US$3.4 million ($4.5 million), down 70.6% from US$11.6 million a year ago on lower operating margin.

DMPL says companies in the US with deferred tax assets have similar write-offs due to the reduction in income tax rates. However, this should be more than offset by the reduced tax rates in future years which will be "substantial".

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