Del Monte Pacific says Q2 profit jumped to $16.8M on strong sales

DEL MONTE Pacific Ltd. (DMPL) said its net profit for the second quarter (Q2) ended Oct. 31 jumped nearly seven-fold to $16.8 million from $2.3 million a year ago, driven by higher sales.

For the first half of its fiscal year 2026, Del Monte’s net profit from continuing operations rose to $56.3 million, up from last year, supported by a 10% increase in sales to $423.3 million, it said in a statement on Thursday.

Sales growth was led by the Philippines, where packaged pineapple and mixed fruits recorded strong demand. Packaged pineapple benefited from nutrition-led campaigns, while mixed fruits expanded beyond seasonal fruit salads to year-round desserts, lifting market share by 4 percentage points, according to the company.

Internationally, fresh pineapple exports rose 23%, with North Asia remaining the company’s largest market for imported pineapples at a 51% share.

Net debt of continuing operations declined 4.79% to $994.9 million from $1.04 billion a year ago, reflecting improved cash flow and stronger operating results.

Del Monte deconsolidated its US subsidiary Del Monte Foods Corp. effective May 1, 2025, after the unit filed for Chapter 11 bankruptcy in April due to heavy debt and shifting consumer preferences.

The US unit secured $912.5 million in financing to continue operations while selling most of its assets under court supervision.

Joselito D. Campos, Jr., DMPL and Del Monte Philippines, Inc. (DMPI) chief executive officer, said: “Our excellent results demonstrate the underlying strength and potential of our Asian business. With DMPL’s deconsolidation and complete write-down of its US investment and other assets, we have a clear path forward. We are proactively working on capital initiatives at the DMPI level to enhance our financial flexibility as we invest in growth.

At the Philippine Stock Exchange on Thursday, DELM shares closed 1.38% higher at P5.15 apiece. — Alexandria Grace C. Magno