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Del Monte sees return to profitability

/ 04:02 AM September 08, 2020

Consumer giant Del Monte Pacific Ltd. (DMPL) expects to swing back to profitability this fiscal year ending April 2021 following the completion of the streamlining and debt refinancing program of its American subsidiary.

In an annual report to shareholders, DMPL executive chair Rolando Gapud and managing director and chief executive Joselito Campos Jr. reported that the group’s US unit, Del Monte Foods Inc. (DMFI), was now well-positioned to improve performance, citing better sales mix and management of costs.

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DMPL also reported that its business had been favorably protected from the coronavirus (COVID19) pandemic, citing higher sales generated by its retail business in the United States and the Philippines.

“The year 2020 continues to be a horribly unfortunate period for countries, markets and industries due to the pandemic. Against this backdrop, we are humbled to report that the resilience and strength of the 134-year-old Del Monte brand has risen to the occasion. Our consumers in all our markets reverted to the old, trusted and reliable brands,” DMPL reported.

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In the United States, DMFI achieved a 62-percent increase in revenues from February to April 2020 (last quarter of fiscal year), the period during the COVID-19 contagion turned into a pandemic that shut down major cities across the globe. During the same period, its local unit Del Monte Philippines Inc. posted a 17-percent year-on-year revenue growth in its packaged food business, including its business in Asia and Europe. —DORIS DUMLAO-ABADILLA INQ

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