Peso depreciation pull down Del Monte’s earnings in PH
Del Monte Pacific Ltd. reported an increase in its Philippine market sales in peso terms but the depreciation of the peso meant lower earnings for the group as its income is computed in dollar terms.
In a disclosure to the stock exchange, Del Monte Pacific said: “The Philippine market’s sales grew by 3.2 percent in peso terms but 1.5 percent lower in dollar terms due to peso depreciation.”
Del Monte Pacific’s sales in Asia Pacific, however, improved by 4.6 percent to $140.8 million on the back of higher sales in other countries.
“Sales of the S&W branded business in Asia performed very strongly with double digit growth driven by both the fresh and packaged segments,” the company said. Turnover of packaged fruit grew by two percent to $42.4 million during the period and other products which include fresh pineapples expanded by 31 percent to $31.6 million.
The growth in these segments offset the decline in the turnover of beverage and culinary products.