Del Monte Pacific Ltd. plans to contest a $100 million lawsuit filed by Fresh Del Monte (FDM) Produce Inc. for breach of contract. In a disclosure filed with the Singapore Exchange on October 30, 2009, the board of Campos-led Del Monte Pacific said the firm was confident of winning the case. The company, which is led by Joselito D. Campos, Jr. as CEO and managing director, said it has yet to be served the summons and complaint, which was filed in a New York State Court on Oct. 28. Fresh Del Monte, the Florida-based licensee for Del Monte products in Europe, Middle East and Africa, accused Del Monte Pacific of encroaching on its territory. The latter is the exclusive distributor of Del Monte products in India and the Philippines, and also ships fresh fruits to South Korea and China.

Del Monte Pacific Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the second quarter, the company reported profit from operations was $8,497,000, profit before taxation was $5,851,000, profit after taxation was $5,065,000, or $0.47 per diluted share on turnover of $78,901,000 against profit from operations of $10,332,000, profit before taxation of $7,037,000, profit after taxation was $5,580,000, or $0.52 per diluted share on turnover of $88,581,000 for the same period last year. Cash flows from operating activities was $4,039,000 against $5,278,000 for the same period last year. Purchase of property, plant and equipment was $2,202,000 against $1,785,000 for the same period last year. For the six months, the company reported profit from operations was $15,593,000, profit before taxation was $10,513,000, profit after taxation was $9,144,000, or $0.85 per diluted share on turnover of $139,266,000 against profit from operations of $17,991,000, profit before taxation of $14,442,000, profit after taxation was $11,606,000, or $1.07 per diluted share on turnover of $160,273,000 for the same period last year. Total comprehensive income was $8,902,000 against $5,477,000 for the same period last year. Cash used in operating activities was $20,657,000 against $7,556,000 for the same period last year. Purchase of property, plant and equipment was $4,101,000 against $2,879,000 for the same period last year. The Group’s net debt amounted to $109.3 million as at 30 June 2009 as compared to a net debt of only $54.0 million as at 30 June 2008 and $62.8 million as at year-end 2008, largely due to working capital requirements, particularly the inventories, and the additional capital injection into the FieldFresh joint venture. The group net asset value per ordinary share was 17.98 cents as on June 30, 2009 against 17.98 cents as on June 30, 2008. The company net asset value per ordinary share was 8.66 cents as on June 30, 2009 against 8.47 cents as on June 30, 2008. The company declared an interim dividend of $0.0063 per ordinary share against an interim dividend of $0.0080 per ordinary share paid last year. The dividend will be payable on September 10, 2009 with book closure date of August 25, 2009.

San Miguel Corp. (SMC) plans to acquire Dole Food Company Inc.’s assets in Asia. Ramon Ang, President of SMC said that the firm will keep investing in the food industry and may partner with Del Monte Pacific Ltd. in a possible takeover of Dole Philippines, Inc.