Del Monte Pacific Limited has disclosed that its independent auditor, Ernst & Young LLP, issued a disclaimer of opinion on its consolidated financial statements for the fiscal year ending April 30, 2025, citing insufficient audit evidence related to its U.S. subsidiary.
The disclaimer stems from the ongoing Chapter 11 restructuring of Del Monte Foods Holdings Ltd. (DMFHL), the company’s U.S. arm, which filed for bankruptcy protection in July 2025. Due to the proceedings, the auditors were unable to assess the carrying values of DMFHL’s assets, liabilities, and DMPL’s investment in the subsidiary.
DMPL, listed in both the Philippines and Singapore stock exchanges, said it had already deconsolidated DMFHL as of May 1 this year and fully impaired its U.S. investment and related assets as of April 30, in compliance with International Financial Reporting Standards.
Additionally, DMPL reported material variances between its unaudited and audited results. Operating profit from continuing operations, excluding the US, rose 39 percent to USD146.7 million from USD105.9 million. Net profit jumped 350 percent to USD48.9 million from the previous fiscal year’s USD10.9 million, partly due to a one-time USD40.8 million gain from an India share swap in 2024.
The company also disclosed that USD442.3 million in non-current loans were reclassified as current due to late receipt of financial covenant waivers. These waivers, secured after fiscal year-end, later allowed reclassification back to non-current.
DMPL has filed for an extension to submit its fiscal year 2025 Annual Report and advised shareholders to review the full report and auditor’s opinion before making investment decisions.
DMPL is an investment holding company with subsidiaries principally engaged in growing, processing, and selling packaged fruits, vegetable and tomato, sauces, condiments, pasta, broth, mainly under the brand names of “Del Monte”, “S&W”, “Today’s”, “Contadina”, and “College Inn.”
