Del Monte Pacific—the canned food producer controlled by Philippine food-to-pharmaceuticals tycoon Joselito Campos and his siblings—sank deeper into the red with a record net loss of $834.4 million in its fiscal year ended April 2025.

The losses were wider than the $129 million net loss it reported the previous year after booking a $703.5 million write down for its U.S. subsidiary which has filed for bankruptcy. Del Monte Pacific slipped 3.4 % in Singapore trading.

Del Monte Foods Holdings, which runs the U.S. operations, posted $892.4 million in net losses, nearly eight times the previous year, according to Del Monte Pacific. Net profit at its unit Del Monte Philippines climbed 61% to $75 million.

With the U.S. operations off the books, Del Monte Pacific plans to divest assets including a potential listing of the profitable Philippine subsidiary to help wipe out the capital deficit that resulted from years of deepening losses from its U.S. operations, Del Monte Pacific chief financial officer Parag Sachdeva said in a conference call on Friday.

Del Monte Pacific had $618.3 million in negative equity and $2.9 billion in total liabilities as a group at the end-April. The equity deficit at the parent was $694.32 million while liabilities were $753.8 million.

Del Monte Pacific will continue to manage costs and consider combining the company with Del Monte Philippines, its main operating subsidiary, to save on management expenses, according to Sachdeva. Del Monte Philippines ended April with $141 million in equity.

Excluding the negative impact of the U.S. operations, Del Monte Pacific would have posted a $10.9 million net profit in the year ended April 2025, compared with a $24.9 million net loss a year ago.

Sachdeva is optimistic Del Monte Pacific would be profitable in the current year due to rising earnings at Del Monte Philippines, which is enjoying buoyant demand for its canned pineapple fruit and juice products. He doesn’t expect additional write-downs from the U.S. operations.

Del Monte Pacific is among the assets owned by Campos and his siblings, who inherited Unilab, one of the Philippines’ largest pharmaceutical companies that was co-founded by their late father, Jose Campos, almost eight decades ago. The Campos family is among the wealthiest in the Philippines with a net worth of $940 million, according to Forbes Asia.