is calling on animal lovers to join their calls for a ban on this trade.
Based on the disclosure, DMFI
will continue to be the point of service for all retail and foodservice customers of Sager Creek through early 2018.
As such, the first quarter is generally the least profitable quarter for DMFI
, the disclosure said.
chief executive Nils Lommerin said "this deal allows for complete focus on the strategic direction of the Del Monte brand, backed by a visionary and strategic parent in Del Monte Pacific, and positions us to capture significant growth opportunities as Del Monte Foods moves forward.
As part of the restructuring, DMFI also completed an organizational realignment to create a 'leaner and more agile' management structure.
DMFI)'s first quarter usually account for only 19-21 percent of full-year sales, adding that DMFI historically incurs a loss in the first quarter while sales would peak in the second and third quarters, around Thanksgiving and Christmas.
Its US subsidiary DMFI
owns other trademarks such as Contadina, College Inn, Fruit Naturals, Orchard Select and SunFresh.
7 percent in the same period last year with lower trade spending in DMFI
alongside cost optimization initiatives to mitigate the impact of lower pineapple output from El Nino, particularly in the first half of the financial year.
To achieve the efficiencies from this operational decision, DMFI
expects to incur one-time costs but it assured that these would not materially impact the group's 2016 full year results, DMPL said.
Excluding one-time adjustments, the group's recurring net income would have been $18 million, still significantly higher than last year and a turnaround from two years of acquisition and transition-related losses since the acquisition of DMFI
The US unit DMFI
generated higher sales, achieved higher gross margin and recorded a higher gross profit, but due to seasonality it incurred a net loss for the quarter, the company said.
The loan was obtained to partially finance last year's acquisition of DMFI