Del Monte Pacific 4Q Triples

February 22/Singapore/The Business Times Singapore -- Del Monte Pacific Limited announced a fourth-quarter net profit of $14.6 million -- more than three times that of US $3.92 million a year earlier.

The net profit for full-year 2010 climbed 39.5% from $11.3 million to $15.8 million.

The results were in line with expectations that the group's full-year earnings in 2010 would be higher than those of 2009.

The company, which is listed on the Singapore Exchange's mainboard, has attributed the growth to the strong performance in processed fruits and culinary categories in its home market, which grew by 18%.

Its exports also grew by 21% due to strong sales of processed pineapple in North America and Europe. This growth was driven by an improved pineapple supply and its juice concentrate prices.

Managing director and CEO Joselito Campos said, "Our strong performance in the fourth quarter is a testament that our hard work and initiatives to increase profitability and drive sustainable growth are producing good results."

This quarter's earnings per share have more than trebled, from $0.36 to $1.36. Its dividend per share has increased from $0.16 to $1.1.

Del Monte closed yesterday down a cent at $0.51.  

From the February 24, 2011, Prepared Foods' Daily News
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