BY UNICAPITAL SECURITIES
Del Monte Pacific Limited (DMPL) narrowed its loss in the third quarter of its fiscal year 2015.
Its third-quarter loss shrank to US$2.2 million from the US$6.4 million the previous year.
DMFI’s fiscal year starts May and ends April the following year.
DMPL’s revenue rose more than five-fold to US$637.6 million from US$123.8 million the previous year largely because of the acquisition of U.S.-based DMFI, which accounted for US$511 million or 80% of the former’s third-quarter revenue and had increased by 21% year-on-year.
Despite the higher revenue, higher interest expenses arising from the acquisition took its toll on profitability.
DMPL’s loss widened to US$23.9 million in the first nine months of its fiscal year 2015, a reversal of the US$6.5 million profit the previous year.