Published:
Del Monte's net profit soars to US$53.3m in Q3
Due to a one-off adjustment.
F&B player Del Monte reported that its net profit jumped to US$53.3m in the third quarter, compared to just US$185,000 in the same period last year.
The surge was thanks to a one-time adjustment linked to its retirement plan amendment. The adjustment caused expenses to drop by a whopping US$39.4m.
Meanwhile, sales rose 20% to US$658 million.
It also achieved a turnaround performance registering a recurring net profit of US$18.1 million after two years of losses attributed to acquisition and transition-related expenses since the Group announced the purchase of Del Monte Foods (DMFI) in October 2013.
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