Del Monte Pacific reverses into the red in 1QFY20 on lower sales and one-off tax expense

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SINGAPORE (Sept 6): Del Monte Pacific reported a net attributable loss of US$38.3 million, or loss of 2.22 US cents per share, for 1Q20 ended July, compared to earnings of US$3 million in 1QFY19, on lower sales and one-off tax expense.

Revenue for 1Q20 came in at US$375.9 million, down 14% from a year ago mainly due to the divestiture of the Sager Creek vegetable business in September 2017, lower sales in the US and lower exports of processed pineapple products, partly offset by higher sales in the Philippines and S&W business in Asia.

Stripping out Sager Creek’s sales, Del Monte Pacific said...(click on link for full story on theedgesingapore.com)