Del Monte Pacific swings into the black in Q1 with US$5.5 million net profit
This is due to higher sales from both the company’s domestic market in the Philippines and international markets
[SINGAPORE] Canned-food brand Del Monte Pacific has returned to the black with a net profit of US$5.5 million for its first quarter ended Jul 31, 2025, compared with a net loss of US$36.7 million a year earlier.
The previous year’s corresponding results took into account massive losses by its US unit, Del Monte Foods Holdings, which led it to file for Chapter 11 bankruptcy in June this year.
Del Monte Pacific has deconsolidated its US subsidiary.
Excluding discontinued operations, Q1 net profit posted a jump of about 15 times to US$5.5 million, from US$368,000 in the year-ago period.
This was due to higher sales from both the domestic market in the Philippines and international markets, said the company in a bourse filing on Wednesday (Sep 10). Del Monte Pacific is dual-listed on the Singapore Exchange and the Philippine Stock Exchange.
The Philippine market delivered US$88.4 million in Q1 sales, up 14.9 per cent year on year, driven by strong demand across beverages, packaged fruits and culinary essentials.
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Del Monte Pacific officially deconsolidated its failed US subsidiary on May 1, 2025, following the unit’s voluntary filing for Chapter 11 restructuring that year.
Gross profit for the quarter grew 32.8 per cent to US$66.1 million, from US$49.8 million previously. Meanwhile Q1 turnover rose 12.9 per cent to US$203.7 million, from US$180.4 million.
Earnings per share stood at US$0.028 for the quarter, up from the previous year’s US$0.002.
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The company declares dividends based on full-year results. The last dividend was declared in July 2023, based on FY2023 results, and paid on Jul 25, 2023. No dividend was declared for FY2024 and FY2025 due to the company’s net loss position.
The company booked US$76.8 million in operating cash flow, compared with US$43.5 million the year prior. This reflected stronger underlying profitability, said the company.
International sales grew by 6.4 per cent to US$97.2 million, driven by higher fresh pineapple sales in China and Japan, supported by an improved product mix and better pricing. Increase in fresh-cut packs in China also boosted demand for the company’s pineapple.
Said Luis Alejandro, Del Monte Pacific’s chief operating officer: “Our strong first-quarter performance underscores Del Monte’s ability to deliver consistent growth by balancing innovation, health and nutrition relevance and affordability…
“We remain sharply focused on our priorities, which include strengthening our balance sheet and ensuring the long-term stability of the business.”
Barring unforeseen circumstances, the company expects to be profitable in FY2026.
Shares of Del Monte Pacific closed S$0.002 or 2.4 per cent higher at S$0.085 on Wednesday, before the announcement.
