MANILA, Philippines – Del Monte Pacific Ltd. (DMPL) expects to sustain its positive performance for fiscal year 2017, with the growth expected to come from its core business.
From a $43.17 million net loss a year ago, DMPL swung to a net profit of $51.5 million for fiscal year 2016 on higher sales.
DMPL registered $2.3 billion in sales, up four percent year on year.
Its US subsidiary, Del Monte Foods generated $1.8 billion in revenue, accounting for 78 percent of groupwide sales. It increased ts market share in the US canned vegetable and fruit segments despite industry contraction.
Similarly, the Philippine market delivered a record performance with sales rising by six percent.
According to DMPL, all product categories such as packaged fruit, beverage and culinary posted higher sales, driven by an expanded user base and household penetration.
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DMPL has laid down key priorities in the short to medium term to ensure growth.
In the US, DMPL intends to continuously improve its products such as the implementation of product differentiation through the use of non-BPA and non-GMO labels, green easy open lids and lightly sweetened juice for fruit cups.
It will also launch new products such as Del Monte Fruit Refreshers for healthy snacking.
In the Philippines, India and the rest of Asia, the company also plans to focus on new products such as Del Monte Creamy and Cheesy Spaghetti Sauce for the Philippines and Del Monte Tandoori Mayo and other variants in India.