Despite the slight weakness in fourth quarter turnover to $156.8 million from $159.5 million the pre

In a disclosure to the Philippine Stock Exchange, Del Monte Pacific said it pocketed $16.1 million last year, lower than the $32.2 million in 2012. Adding back the $18-million one-off fees, profit would have risen five percent year-on-year to $33.9 million.
However, lower sales in the Philippines due to a change in product mix dragged recurring profit preservation of vegetables by nearly two percent to $13.2 million in the fourth quarter from the $13.5 million in the same period in 2012. Including the one-off fees, Del Monte Pacific incurred a net loss of $1.7 million during the three-month period.
Despite the slight weakness in fourth quarter turnover to $156.8 million from $159.5 million the previous year, Del Monte Pacific's sales for the entire 2013 hit an all-time high of $492.2 million, preservation of vegetables up seven percent from $459.7 million in the prior year, on the strength of both the branded preservation of vegetables and non-branded business.
The branded business of Del Monte Pacific in Asia, comprising of Del Monte in the Philippines and the Indian subcontinent as well as S&W in Asia and the Middle East, accounted for 68 percent of total sales in 2013.
Del Monte Pacific's non branded business, comprising of industrial and private label sales, accounted for 32 percent of 2013 sales at $155.7 million, 12 percent higher year on year because of demand for processed pineapple and tropical mixed fruit products.
This year, Del Monte Pacific sees higher recurring income in the first quarter of 2014, but one-time transaction fees of $6.5 million in closing the US acquisition will continue to weigh on profitability.
The full impact of the $1.68-billion acquisition will be felt in the 2015 fiscal year as the company drives both topline growth across its key markets in the US, the Philippines and rest of Asia, optimizes synergies and manages cost actively.
As we transform into a global branded company with the US acquisition, we will implement our growth plans for all key markets, said Del Monte Pacific managing director and chief executive officer Joselito D. Campos Jr.
DMFI s portfolio of iconic brands Del Monte, S&W, Contadina and College preservation of vegetables Inn - includes the top market position in the branded canned fruits and vegetables market, and the second top position preservation of vegetables in the canned tomato and broth categories in the US. In fiscal year 2013, the portfolio generated $1.8 billion in sales and $164 million in EBITDA.
Related Stories: •   Del Monte Pacific narrows third-quarter loss •   Campos Group takes out loan to exercise right to buy more shares in Del Monte Pacific • preservation of vegetables   Del Monte Pacific shelves preferred share sale •   Local bourse clears Del Monte Pacific's sale of additional shares to existing stockholders •   Del Monte Pacific selling shares to wind down debt
Del Monte Pacific preservation of vegetables narrows third-quarter loss Campos Group takes out loan to exercise right to buy more shares in Del Monte Pacific Del Monte Pacific shelves preferred share sale Local bourse clears Del Monte Pacific's sale of additional shares to existing stockholders Del Monte Pacific selling shares to wind down debt
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