Del Monte Pacific Ltd. posted a net income of US$5.5 million in its latest quarter, marking a strong recovery after excluding its troubled U.S. operations.
The U.S. unit filed for Chapter 11 bankruptcy, prompting Del Monte to “deconsolidate” these operations from its financial statements. Meanwhile, its business in the Philippines continues to drive growth, with higher sales in beverages, packaged fruit, and culinary products.
Gross profit improved thanks to a better product mix, more efficient production, and lower costs. Company leadership expects this focus on continuing operations in Asia and other international markets to sustain profitability and aims for a full return to positive earnings in the next fiscal year.