Del Monte Pacific profit surges to $5.5M after US unit deconsolidation

DEL MONTE PACIFIC Ltd. (DELM) said its attributable net income for the first quarter of fiscal year 2026, ending in July, surged nearly 15 times to $5.5 million from $368,000 a year ago, as results stabilized after the deconsolidation of its US operations.

In a disclosure on Thursday, the Campos-led food and beverage producer said turnover rose by 12.9% to $203.72 million, while gross profit jumped 32.8% to $66.11 million.

“The Philippine market delivered $88.4 million in first-quarter sales, up 10.3% in peso terms and 14.9% in US dollar terms, driven by strong demand across beverages, packaged fruits and culinary essentials,” the company said.

Sales in the Philippines were lifted by health-focused beverage variants and new ready-to-drink products targeting younger consumers, it noted.

International sales increased by 6.4% to $97.2 million, supported by higher fresh pineapple demand in China and Japan, along with an improved product mix and pricing.

The premium S&W Deluxe Pineapple expanded its export share, while fresh-cut packs boosted S&W’s lead in North Asia to a 50% export share. In Japan, sales climbed 20% on stronger retail demand and new customers, the company added.

DELM deconsolidated its US subsidiary, Del Monte Foods Corp., effective May 1, after the unit filed for voluntary Chapter 11 bankruptcy in April due to heavy debt and shifting consumer preferences.

Del Monte Foods secured $912.5 million in financing to continue operations while selling most of its assets under court supervision. The restructuring was intended to support the unit’s recovery and enable it to continue serving customers.

At the local bourse on Thursday, DELM shares closed 21.3% higher at P4.16 apiece. — Alexandria Grace C. Magno