Dole Food Company, the world’s leading supplier of fruit and vegetables, has posted a third-quarter loss of US$54m.
It was the company’s first quarterly report since its initial public offering (IPO) last month, when a five-day floatation raised the company US$415m to help repay debt.
The US$54m loss represented an increased shortfall compared with the US$21m loss made in the same quarter a year ago, the Associated Press reported.
Revenue for the period fell 14 per cent to about US$1.94bn from US$2.26bn, which the company said was due to the disposal of its JP Fresh and Dole France arms during the fourth quarter of last year, and unfavourable currency exchange rates.
The Californian company, which employs 76,000 people, was however able to report an operating income of US$44m, up US$9m on the same quarter last year.
It also revealed that adjusted EBITDA increased 18 per cent during the quarter to US$85m, which when combined with a strong performance in the first half of the year, has apparently resulted in the generation of US$283m in positive cash flow from operations over the past three quarters.
Cash flow from operations, asset sales and the IPO have reportedly allowed Dole to reduce its net debt by over US$880m, or 36 per cent, over the past six quarters.
Following the announcement, Dole shares rose 1.3 per cent, ending the day at US$12.50 per share.
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