Del Monte Pacific to cut production

DEL Monte Pacific Ltd. (DMPL) plans to cut production this summer by as much as 50 percent for some product categories as part of measures to address declining profit margins.

The company has reported a net loss of $127.3 million for the fiscal year that ended April 2024 from a net profit of $16.9 million a year ago, mainly due to higher costs and expenses coupled with declining volume sales and an inventory imbalance.