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Del Monte Pacific swings to loss in fiscal Q1

Del Monte Pacific Ltd. said its normalized net income for the fiscal first quarter ended July 31 was a loss of $20.4 million, compared with income of $2.9 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 4.6% from 2.5% in the year-earlier period.

Total revenue increased year over year to $445.6 million from $119.4 million, and total operating expenses climbed year over year to $457.7 million from $111.2 million.

Reported net income came to a loss of $21.9 million, or a loss of 2 cents per share, compared to income of $4.2 million, or 0 cents per share, in the year-earlier period.