Del Monte Pacific Limited (DMPL) reported that its net income fell 64 percent to $28.8 million in the first nine months of its fiscal year ending in April 2023 from $80.1 million in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said the drop in earnings is due to one-off costs of $53.9 million , of which $50.7 million was booked in the first quarter as subsidiary Del Monte Foods Inc. refinanced its loan with a long-term credit facility that has lower interest rates.
DMPL grew sales by 4 percent to $1.8 billion on higher USA and international sales, and gross margin remained almost at par at 26.6 percent from 26.8 percent. Gross profit was up 3 percent to $489.2 million while EBITDA was stable at $274.7 million. For its third quarter ending in January 2023, DMPL generated sales of $681.2 million, up 3 percent with better sales in USA and international markets. Philippines sales were higher in peso terms but lower in US dollar terms.
DMPL’s Philippine market delivered sales of $109.8 million, 6 percent higher in peso terms but 6 percent lower in US dollar terms due to the peso depreciation. Innovations especially dairy and snacking are gaining traction, now accounting for 7 percent of Philippine sales.
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