Del Monte Pacific reports $21M profit in '06

Singapore-listed Del Monte Pacific Ltd., which is majority owned by Filipino firms San Miguel Corp. and NutriAsia Group of Companies, announced Friday that its net income surged 13 percent to $21 million in 2006 on the back of good sales of its processed fruits and the company's beverage segment. In a report posted at the Singapore Stock Exchange, Del Monte said full year revenues reached $243.4 million. "Net income for the second half alone registered strong growth of 66 percent, the result of better volume, brand-building programs, and transition cost-saving initiatives under the new management. This reversed the 31-percent decline in first half net income, bringing full year results back to growth," the firm said in the disclosure. "This excellent sales growth accompanied gains in other markets. New businesses led by Del Monte Pacific's China-subsidiary Great lakes and Del Monte Foods India also posted significantly higher revenues, contributing $14.3 million or 6 percent of the Group's 2006 revenues," the company said. Del Monte also disclosed that it is in talks with National Foods Ltd., an Australian dairy and fruit juice company and San Miguel's biggest overseas investment, for the possibility of exporting to the Australian and New Zealand markets. Del Monte Pacific, whose canning operations is based in Mindanao, owns the Del Monte brand in the Philippines and also holds the exclusive rights to produce and distribute food and beverage products under the Del Monte brand in the Indian subcontinent.-Cheryl Arcibal, GMANews.TV