• Del Monte 3Q net profit down to $7.2M

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    The net profit of Singapore Mainboard and Philippine Stock Exchange dual-listed Del Monte Pacific Ltd. (DMPL) for the third quarter of this year slightly dipped, because of the one-off transaction fees for the firm’s acquisition of consumer food unit of Del Monte Foods, as well as its dual listing expenses.

    In its financial report, DMPL reported that its net profit was down 13 percent to $7.2 million, incurring one-off transaction fees of $1.7 million for the proposed acquisition of Del Monte Foods’ consumer food business in the United States.

    Also, the group expects that the transaction fees would be approximately $6 million for the year, which would eventually impact its net earnings toward the end of the year.

    For the nine months of 2013, the group generated a net profit of $17.58 million, down by 4 percent as a result of the nonrecurring acquisition and dual listing expenses.

    Adding these back, the net profit for nine months would have been $20.7 million, or up 11 percent, DMPL said.

    As for the sales, the company generated $335.4 million during the first nine months of the year or 12 percent higher than prior period’s $300.2 million, while its third-quarter 2013 sales reached $127 million, up 9 percent from prior year quarter, due to better performance from both the branded and nonbranded businesses.

    Sales in the Philippines, on the other hand, grew 4 percent in peso terms and flat in US dollar terms, while volume expanded on the back of improved supply availability for the resurgent juice business.

    “Barring unforeseen circumstances, the group expects to improve base earnings in 2013 driven by both branded and nonbranded business with higher revenue from better volume and sales mix in the Philippines, S&W markets and export markets,” DMPL further said.

    DMPL earlier announced the proposed acquisition of Del Monte Foods’ consumer food business in the US for $1.675 billion.

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