Del Monte Pacific Ltd., led by the Campos group, saw its net income nearly triple in the first quarter of its fiscal year ending July, reaching $16.11 million (roughly P1 billion) from just $5.5 million a year earlier. This came alongside a 9 percent rise in total sales, which climbed to $222.05 million from $203.72 million, driven largely by a surge in international revenue.
International sales jumped 21 percent to $118 million, fueled by higher volume across key product lines. Fresh pineapple sales rose 20 percent, with the S&W Deluxe Pineapple variety continuing to perform strongly. Exports of packaged pineapples also increased by 23 percent, supported by larger volumes and an improved sales mix. Results in the domestic market were more mixed: Philippine sales reached $82.6 million, up 2 percent in peso terms but down 7 percent in U.S. dollars due to local currency depreciation. The company noted that while measured price increases helped lift revenue amid inflation, overall sales volumes softened in core segments as economic volatility—including impacts from the U.S.-Iran conflict—weighed on consumer spending power.
Despite the strong quarterly results, Del Monte said it will not declare dividends to shareholders, citing persistent negative equity and capital deficits stemming mainly from the impairment of its former U.S. subsidiary. The company’s Philippine unit, while profitable, is not generating enough cash to cover total group liabilities of $1.2 billion or the parent company’s negative equity position of $579 million. Management explained that a single capital raising alone would not resolve the financial shortfall. Instead, it is pursuing a comprehensive strategy combining debt restructuring, operational improvements, asset sales, shareholder support and other capital measures to strengthen its financial standing and meet obligations to creditors and stakeholders.
To streamline operations and raise needed funds, Del Monte also plans to sell certain non-core assets while keeping its strategic focus on Asian markets, which it identifies as the primary engine for long-term growth and profitability.
