Singapore-listed food and beverage maker Del Monte Pacific has warned that its first-half and full-year net profit is likely to be lower than in the previous year due to higher costs and changes to customer prices.

“The most significant factor is the unanticipated price adjustments by a major overseas customer under the terms of a long term supply agreement,” the company was quoted by Dow Jones International News as saying.

Del Monte Pacific had previously expected its 2004 earnings to be the same as or slightly better than those in 2003.