DEL Monte Pacific Ltd. (DMPL) said Tuesday it incurred a net loss of $29 million in the third quarter of its fiscal year ending April on higher operating costs, lower sales, and higher interest expense.

The net loss was a reversal of the previous year's $10 million profit for the same period, and represented more than three times the $8.5 million loss recorded in the preceding quarter, on continuing lower domestic and global sales.

"We expect that consumer spending will continue to be affected by inflation and high living costs," Joselito Campos Jr., DMPL's managing director and chief executive officer, said in a statement.

"The group is focused on navigating through these challenges. [W]e will explore opportunities to enhance our capital structure, reduce leverage, and minimize interest expenses," he added.

Consolidated revenues dipped 5.0 percent to $647 million on lower sales in the United States by unit Del Monte Foods Inc. (DMFI) and a decline in packaged pineapple exports by Del Monte Philippines Inc.

DMFI's sales, which accounted for 72 percent of group turnover, dropped by 6.0 percent to $466.4 million, owing to the strategic shift away from lower-margin co-pack products that it packs for other manufacturers, and lower canned fruit and vegetable sales.

Sales in the Philippine market amounted to $107.4 million, down 4.0 percent in peso terms and down 2.0 percent in US dollar terms, driven by a decrease in beverage sales.

DMPL's sales in the international markets also dropped by 21 percent on lower packaged product sales, which offset the 17 percent increase in Fresh brand sales.

For the nine months to January 2024, DMPL posted a net loss of $51 million, reversing the $29 million net income booked in the same period a year earlier.

Nine-month group sales were maintained at $1.8 billion on steady sales in the US and in the Philippines.

"The group recognizes the uncertainty in the global environment and is committed to effectively managing its operating expenses," DMPL said.

The Singapore and Philippines dual-listed food company said it would be actively pursuing measures to "streamline operations, reduce costs, and ensure sustainable growth in an ever-changing market," and that it "expects to deliver improved branded revenue growth" for fiscal year 2024.

DMPL shares on Tuesday fell by 1.61 percent to P5.50 each.