Del Monte Pacific reports higher 1Q earnings of US$3 mil on one-off gain

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SINGAPORE (Sept 12): Del Monte Pacific reported a 1Q19 earnings of US$3 million (S$4.1 million). This is higher than US$0.7 million in 1Q18 and was the result of a one-off gain from the purchase of DMFI loans.

The group had purchased US$99 million of DMFI loans at a discount in the secondary market, which further lowered group debt, reduced interest expense and trimmed gearing to 2.5x equity from 3x last year.

Excluding one-off items of US$6.8 million post-tax, the group would have incurred a net loss of US$3.7 million versus a profit of US$1.2 million in the prior year period, due to...(click on link for full story on theedgesingapore.com)