Del Monte Pacific Ltd. experienced a reversal in its financial performance, posting a $50.6-million net loss for the first nine months of the fiscal year starting May 2023, a stark contrast to the $28.9 million net profit recorded in the corresponding period of the previous year. This downturn was attributed to diminished sales and prevailing global economic uncertainties. Specifically, the company's third-quarter sales, spanning November to January, fell by 5 percent to $646.7 million, influenced by reduced operations in the United States by Del Monte Foods Inc. (DMFI) and decreased packaged pineapple exports from Del Monte Philippines Inc.
Del Monte Pacific announced the closure of two DMFI vegetable plants in the United States and a workforce rightsizing initiative. The closures involve consolidating green bean volume and reducing general and administrative expenses. In a stock exchange filing on Tuesday, Del Monte Pacific said closing the DMFI Wisconsin and Washington vegetable plants would lower fixed costs and improve margins.
Source: business.inquirer.net