Dole Food Company has posted a third-quarter loss of $54 million (£32.5m) as the banana giant looks to recover its debts.

Last month the company announced its initial public offering (IPO), a five-day flotation period which raised the company $415m to help repay debt.

The loss represents an increased shortfall compared with the $21m loss made in the same quarter a year ago.

Revenue for the quarter fell 14 per cent to about $1.94 billion from $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. It also attributed the fall to unfavourable currency exchange rates.

But the company did report increased operating income of $44m, up $9m on the corresponding 2008 period, Associated Press reported.

It also revealed that adjusted EBITDA increased 18 per cent during the quarter to $85m, which when combined with a strong performance in the first half of the year, has apparently resulted in the generation of $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.

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