Q3 2021 Del Monte Pacific Ltd Earnings Call Transcript
Cito Alejandro. Sorry for the inconvenience. So we will restart right now. And we will first start with a review of Parag Sachdeva. Thank you.
Good morning, everyone. We do apologize for the confusion. We'll start with Slide 4. In December 2020, DMPL sold another 1% stake, thereby now owning 87% of DMPI. In addition, DMPL's effective stake in Del Monte Foods increased to 93.6% starting May 2020. And hence, we recognized a 6.4% NCI to that account as well. These 2 comprise the NCI line in the DMPL's P&L.
On Slide 5, key highlights for the quarter. Group sales grew by 13.1% due to higher consumption of healthy shelf-stable food with U.S. sales up 12.5% and Philippines sales growing by 19.9%. DMPL achieved improved gross margin of 26.9% from 20.4% last year on better sales mix, lower trade spending and lower costs.
Del Monte Pacific delivered EBITDA of $99 million and net profit of $30.2 million, which is a four-fold increase over last year,
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