Dole Food Co. Reports 41% Drop in Profit
Dole Food Co., a giant food production and real estate concern that recently relocated from Los Angeles to Westlake Village, reported a sharp drop in third-quarter earnings due to lower prices and increased costs at its banana operations.
Dole’s profit for the quarter ended Oct. 5 was $25.8 million, down 41% from $44 million in the year-earlier quarter. Revenues edged up 2% to $898.3 million from $879 million.
The company said operating losses connected with the start-up of resort properties on the Hawaiian island of Lanai also negatively effected third-quarter earnings.
In the nine months ended Oct. 5, Dole’s profit rose 4% to $104.7 million from $101 million a year before. Revenues totaled $2.52 billion, an 8% increase from $2.33 billion.
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