Singapore-based food and drink group Del Monte Pacific has booked an increase in underlying third-quarter profits on the back of higher branded and own-label sales.
Reported net profit fell 13% to US$7.2m for the three months to the end of September, thanks to costs from its listing in the Philippines and its plan to buy Del Monte Foods’ consumers foods business.
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However, stripping out those costs, Del Monte Pacific said “base” net profit was up 7% at $8.9m.
Sales rose 9% to $127m. Sales of brands, almost two-thirds of the company’s business, were up 4%. Del Monte Pacific grew sales from own-label lines by 19%.
Del Monte Pacific’s share of losses from FieldFresh venture in India fell from $1.4m to $1.2m on higher sales and lower overheads.
Earlier this month, Del Monte Pacific announced a deal to buy the consumer foods arm of US group Del Monte Foods.
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By GlobalDataMD and CEO Joselito Campos said today (24 October): “This historic transaction allows us greater access to a well-established and profitable branded consumer food business under the Del Monte, S&W, Contandina and College Inn brands in the world’s biggest market and also gives us exclusive rights to distribute processed food in the fast growing South American market. The acquisition underlines our vision to be one of the fastest growing global branded food and beverage companies as well as our goal to enhance shareholder value.”
