Del Monte Pacific, the Asia-based group that recently acquired Del Monte Foods’ canned foods arm, has reported higher underlying annual profits.
The company said its underlying net profit, stripping out fees linked to the $1.68bn deal and to its listing in the Philippines in June, was up 5% in 2013 at US$33.9m.
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On a reported basis, Del Monte Pacific’s net income was $16.1m, half the $32.2m recorded in 2012, due to the M&A and listing charges.
Del Monte Pacific expects the acquisition of Del Monte Foods’ consumer foods business, completed last week, will more than quadruple its sales. In 2013, its base business saw sales increase 7% to $492.2m.
Revenue from Del Monte Pacific’s brands was up 5% year-on-year. The company said its brands on sale in Asia accounted for 68% of its turnover in 2013.
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Sales from non-branded products grew 12% on improved sales of processed pineapple and tropical mixed fruit products.
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By GlobalDataThe group expects to generate higher earnings on a recurring basis in the first quarter of 2014. However, Del Monte Pacific forecast a lower non-recurring net income due to one-off transaction fees in closing the Del Monte Foods deal.
Del Monte Pacific plans to align its financial year with that of Del Monte Foods, which ran from May to April, which is expected to account for about 80% of the enlarged group’s sales.
“Group earnings will improve in the new 2015 financial year 2015 [from] May 2014 [to] April 2015) as it drives both top-line growth across its key markets in the USA, the Philippines and rest of Asia, optimises synergies and manages cost actively,” Del Monte Pacific said.
