Del Monte posts 58% fall in 2Q earnings to US$20 mil on absence of one-off gain

SINGAPORE (Dec 6): Del Monte Pacific posted earnings of US$20.2 million ($28.7 million) for 2QFY17, a 57.8% decrease from the earnings of US$47.8 million in 2QFY16.

During the quarter, the group recorded a one-off expense of US$1.5 million after it closed its North Carolina plant as part of a restructuring exercise. At the same time, the group had incurred a one-off gain of US$33.4 million in 2QFY16, from an amendment in the group’s retirement plan.

Excluding the exceptional items, the group’s recurring earnings would have been US$21 million, a 33% increase over the recurring earnings of US$15.8 million for 2QFY16.

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