Q1 2023 Del Monte Pacific Ltd Earnings Call Transcript
Good morning to our participants in Asia, and good evening to our participants joining us from the U.S. And thank you for joining Del Monte Pacific's first quarter results ending July 2022. Representing Del Monte in this briefing are Cito Alejandro, Group COO of Del Monte Pacific and President of the DMPI. Parag Sachdeva, Group CFO of DMPL; Greg Longstreet, President of Del Monte Foods in the U.S.; and I'm am Iggy Sison, Chief Corporate Officer of DMPL. Parag Sachdeva will now present our first quarter results.
Thank you very much, Iggy. On Slide 5, we'll start with the first quarter highlights. Our sales decreased by marginally by 1% to $456.6 million as higher sales in the U.S. and international markets, led by S&W brand were offset by lower sales in the Philippines. Our U.S. subsidiary, DMFI, redeemed its 11.875% high-yield bonds to secure a lower interest rate term loan B, which would give us a saving of around $20 million to $30
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