Canned fruit maker and producer Del Monte Pacific Ltd (DMPL) said Thursday it booked $703.4 million in impairment losses for the fiscal year ended April 2025 after it discontinued its US operations.
DMPL’s US subsidiary Del Monte Foods Holdings Ld. Inc. (DMHFL) filed for bankruptcy in the US in July.
DMFHL and its subsidiaries, including Del Monte Foods Corporation II, Inc., were classified as discontinued operations as of April 30, 2025, in accordance with IFRS 5, and deconsolidated from DMPL effective May 1, 2025, in accordance with IFRS 10.
An independent auditor’s report from Ernst & Young LLP noted that it could not fully verify the carrying value of assets and liabilities or investment in the US subsidiary due to the ongoing court process.
“Our responsibility is to conduct an audit of the financial statements in accordance with ISA [International Standards on Auditing] and to issue an auditors’ report. However, because of the matters described in the Basis for Disclaimer of Opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements,” the report said.
Meanwhile, DMPL also reported a net loss of $796.4 million for fiscal year 2025, wider than the $129.2-million net loss it recorded the previous year.
Excluding US operations, net income reached $48.9 million in fiscal year 2025, a turnaround from the $24.8 million net loss recorded in fiscal year 2024. Revenues rose to $789.4 million from $710.8 million.
