DEL Monte Pacific Ltd. fails to record profitable operations in the nine-month period ending Jan. 31, 2020 due to one-off expenses from plant closures last year. In a disclosure on Thursday, the food and beverage manufacturer said that it booked a net loss of $69 million during the said period as one-off expenses weighed on the Del Monte’s bottomline figures. These non-recurring spending amounted to $96.4 million, the bulk or $53.8 million came from the shutdown of its plants in the United States during the second quarter of its operations. Its local subsidiary, Del Monte Philippines, recently declared a 15-percent dividend. Del Monte shares dropped 40 centavos or 11.11 percent to close at P3.20 each on Thursday.

Source: Manila Times March 12, 2020 18:11 UTC