Del Monte returns to profit on strong sales

CAMPOS-LED fruit canner Del Monte Pacific Ltd. on Wednesday said it registered net income of $51.15 million (P2.4 billion) for the fiscal year ending in April 2016, reversing last year’s net loss on the back of strong sales and one-off gains.

In a disclosure to the Philippine Stock Exchange, the food and beverage conglomerate, which is both listed in the Philippines and Singapore, said the net income for the period was inclusive of one-off favorable adjustments after tax equivalent to $31.7 million (P1.48 billion) arising from amendments to the retirement plan of its US unit, Del Monte Foods Inc. (DMFI).