Del Monte Pacific has swung back to profitability in FY16 on one-off gains.
For the 12 months ended April, earnings came in at US$51.5 million ($69.7 million) compared to a loss of $32.2 million in FY15.
This was mainly due to one-off net favourable adjustments of US$31.7 million after tax mainly due to DMFI’s retirement plan amendment in the second quarter and working capital adjustment in the fourth quarter.
Excluding non-recurring items, core net income in FY2016 was US$19.8 million, still a big improvement from the reported loss of US$43.2 million last year.
Full-year revenue came in 3.7% higher at US$2.27 billion from US$2.19 billion a year ago.
Del Monte Pacific says its US subsidiary, Del Monte Foods, which accounted for 78% of Group sales, generated revenue of US$1.8 billion, 4% better than prior year.
DMFI increased its market share in the US canned vegetable and fruit segments amidst industry contraction.
The Philippine market also delivered a record performance for the full year with sales up 6% as all product categories – packaged fruit, beverage and culinary – posted higher sales, driven by an expanded user base and household penetration.
Sales of the S&W branded business in Asia and the Middle East also posted a record performance, growing by 10% on higher sales from both the fresh and packaged segments. China generated strong growth in fresh, driven by distribution expansion.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
For the 12 months ended April, earnings came in at US$51.5 million ($69.7 million) compared to a loss of $32.2 million in FY15.
This was mainly due to one-off net favourable adjustments of US$31.7 million after tax mainly due to DMFI’s retirement plan amendment in the second quarter and working capital adjustment in the fourth quarter.
Excluding non-recurring items, core net income in FY2016 was US$19.8 million, still a big improvement from the reported loss of US$43.2 million last year.
Full-year revenue came in 3.7% higher at US$2.27 billion from US$2.19 billion a year ago.
Del Monte Pacific says its US subsidiary, Del Monte Foods, which accounted for 78% of Group sales, generated revenue of US$1.8 billion, 4% better than prior year.
DMFI increased its market share in the US canned vegetable and fruit segments amidst industry contraction.
The Philippine market also delivered a record performance for the full year with sales up 6% as all product categories – packaged fruit, beverage and culinary – posted higher sales, driven by an expanded user base and household penetration.
Sales of the S&W branded business in Asia and the Middle East also posted a record performance, growing by 10% on higher sales from both the fresh and packaged segments. China generated strong growth in fresh, driven by distribution expansion.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
0 comments:
Post a Comment