Without the one-off costs, Del Monte’s earnings would have been 3% higher y-o-y to US$82.7 million.
Dual-listed Del Monte (SGX:D03
) has reported earnings of US$9.8 million ($13.3 million) for the 3QFY2023 ended Jan 31, 62.0% lower y-o-y. The lower earnings was due to lower gross profit and higher interest expenses logged during the quarter.
This brings the group’s 9MFY2023 earnings to US$28.9 million, 64.0% lower y-o-y. This was due to one-off costs of US$53.9 million where US$50.7 million was booked in the 1QFY2023 as the group’s US subsidiary, Del Monte Foods (DMFI) refinanced with a long-term credit facility that has lower interest rates.
