Del Monte – a campos family led food company registered a bet loss of USD 40 million over the duration of nine months ending January, overturning the performance a year ago when it displayed a net profit of USD 21.5 Million. The loss has been occurred due to on-off expenses from closure of underperforming U.S. plants and the write off of delayed U.S. tax assets. Excluding one-off items, the group would have created a net income of USD14.9 million in the initial three quarters of its fiscal year, the company told the Philippine Stock Exchange yesterday.
For the quarter ending January 2018 alone, the group encountered a net loss of USD 38.4 million versus a net income of USD 8.5 million in the similar duration a year ago. Taking out one-off expenses, net income would have been USD 3.4 million.