FOOD and beverage player Del Monte saw earnings more than double to US$6.3 million for the fourth quarter ended April, compared to a year ago.
The improved gross margin was driven by a strategic increase in retail list price, lower trade spend and the favourable impact of the divestiture of the low-margin Sager Creek vegetable business in September 2017. For the full year, Del Monte posted earnings of US$20.3 million, a turnaround from the US$36.5 million loss a year ago. Without one-off items, net income would have been US$15.8 million for the year, compared to US$12 million for the prior year.
The company's board has approved a final dividend of US$0.0052 per share, representing 50 per cent of FY2019 net profit.
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