SINGAPORE (Sept 12): Del Monte Pacific reported a 1Q19 earnings of US$3 million ($4.1 million). This is higher than US$0.7 million in 1Q18 and was the result of a one-off gain from the purchase of DMFI loans.
The group had purchased US$99 million of DMFI loans at a discount in the secondary market, which further lowered group debt, reduced interest expense and trimmed gearing to 2.5x equity from 3x last year.
Excluding one-off items of US$6.8 million post-tax, the group would have incurred a net loss of US$3.7 million versus a profit of US$1.2 million in the prior year period due to lower sales in the US, lower exports of processed pineapple, significantly lower pineapple juice concentrate (PJC) prices and higher product costs that were partly offset by price increase in the Philippines and lower trade spend in the US.
