DEL Monte Pacific Ltd. closed its fiscal year 2024 ending April with a $127 loss, reversing last year’s $17- million gain.
The fresh and manufactured food group said sales last year hit $2.43 billion, up 0.3 percent from $2.42 billion last year on stable sales in the US and the Philippines where Del Monte has maintained leading market position in key categories.
The high cost of raw materials and operation dragged the company’s margins, with gross margin down 30.4 percent to $422.2 million compared to $607 million the prior year.
Earnings before interest tax depreciation and amortization (EBITDA) hit $133.2 million, down 60 percent from $329.7 million last year.
Del Monte said plans are underway for the “selective sale of assets and injection of equity through strategic partnerships.”
It plans to “right size” its workforce and reduce fixed costs.
Del Monte also plans to further invest in the growth of its “Fresh” business in North Asia and other export markets.
