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Del Monte Pacific sounds 2Q loss warning

PC Lee
Updated

SINGAPORE (Nov 19): Del Monte Pacific is expected to report a loss in its second quarter mainly due to the writedown of assets in the United States.

In a stock exchange filing on Tuesday, the food & beverage company aid it will write down assets related to the sale and closure of plants run by its US subsidiary, Del Monte Foods Inc (DMFI).

Del Monte Pacific, which is listed in Singapore and the Philippines, said the writedowns would not impact cash flow.

The second quarter results are due to be announced on Dec 11.

The group's core earnings in the quarter ended October are expected to be positive and higher than they were a year ago, it said.

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Del Monte also said it is evaluating options to refinance existing loan facilities of about US$1.4 billion ($1.9 billion) held by the US subsidiary. The facilities include a US$442.5 million loan facility maturing next November.

As at 3.29pm, shares in Del Monte are down 0.4 cent at 14 cents.