SINGAPORE: Losses at food and beverage company Del Monte Pacific narrowed in the first quarter of its 2017 financial year, thanks to lower operating expenses as a result of a restructuring effort that began last year.
The group, which is dual-listed in Singapore and the Philippines, on Friday morning (Sept 9) posted a net loss of US$8.7 million for the three months ended July 31 – an 18.3 per cent improvement over the US$10.7 million net loss in the same period the year before.
The net loss included US$2.8 million in one-off expenses from the severance and closure of its North Carolina plant. Without the one-off expenses, net loss for the period would be lower at US$5.9 million.
Revenue dipped 2.8 per cent to US$465.5 million owing to lower non-branded sales in the United States, although this was partially offset by the strong performance of the Del Monte brand in the Philippines as well as the S&W brand in the rest of Asia.
Losses per share for the quarter narrowed to 0.45 US cents from 0.55 US cents previously, while net asset value per share stood at 18.21 US cents as at July 31, up on the 15.66 US cents as at the same day a year ago.
