Food production company Del Monte Pacific Limited announced it returned to profitability in 2Q with earnings of US$53.3 million ($75 million) after two years of losses due to acquisition and transition expenses after the group announced the purchase of Del Monte Foods in Oct 2013.
The 2Q results came on the back of stronger sales and included one-time favourable adjustment arising from its retirement plan that reduced expenses by US$39.4 million.
Revenue came in 20.1% higher at US$658 million on strong sales of its key branded business in the US and the Philippines under the Del Monte Brand and the rest of Asia under the S&W brand.
Gross profit came in 33.9% higher at US$153.6 million while operating profit nearly quadrupled to US$96 million.
In its outlook, the group said the El Nino weather pattern is unlikely to abate in 2H and will continue to impact its pineapple supply. But an improvement in pineapple output in 2H versus 1H is still expected.
Del Monte Pacific closed 1.8% higher at 29 cents on Tuesday.
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The 2Q results came on the back of stronger sales and included one-time favourable adjustment arising from its retirement plan that reduced expenses by US$39.4 million.
Revenue came in 20.1% higher at US$658 million on strong sales of its key branded business in the US and the Philippines under the Del Monte Brand and the rest of Asia under the S&W brand.
Gross profit came in 33.9% higher at US$153.6 million while operating profit nearly quadrupled to US$96 million.
In its outlook, the group said the El Nino weather pattern is unlikely to abate in 2H and will continue to impact its pineapple supply. But an improvement in pineapple output in 2H versus 1H is still expected.
Del Monte Pacific closed 1.8% higher at 29 cents on Tuesday.
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