Del Monte Pacific (DMFL), international foodservice and institutional sector provider, has reported a net loss of $40.4 million in the nine-month period ended January 2018.

While the group made third quarter sales of $599.8 million, figures were 0.7% lower than the previous year. DMFL’S US subsidiary, Del Monte Foods Inc. (DMFI) contributed to $451.5 million of the group’s sales, amounting to 75%.

The loss is due to one-off expenses of DMFI’s plant closures and the $39.8 million write-off of overdue tax assets caused by the change in US Federal income tax rates in the third quarter. With the exclusion of the one-off expenses, the group would have made a net income of $14.9 million, says DMFL.

CEO and managing director of DPML Joselito D Campos Jr. said: “Our innovation and marketing initiatives, to build relevance through product differentiation, address consumer trends and expand distribution in key growth areas, especially in the United States are beginning to pay off.

“We also are focused on reducing our debt and on streamlining operations to become more competitive. Such measures are geared to work in tandem with revenue-enhancing initiatives to ensure a profitable and sustainable business in the long run.”

The sole quarter ending January 2018 saw a net loss of $38.4 million compared to a net income of $8.5 million in the previous quarter.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

DMFL also reports ‘strong’ foodservice sales in the Philippines due to the ‘rapid expansion of quick service restaurants and convenience stores’ with partnerships and menu creation with large accounts.