Castle & Cooke Posts Loss of $63.9 Million in 1st Half

Castle & Cooke Inc. reported Wednesday that it lost $63.9 million in the first half of its fiscal year, attributing the decline to second-quarter operating losses and seafood operations disposal costs.

The company’s president and chief executive, Robert D. Cook, said C&C;’s operating loss of $34.6 million in the second quarter was due to much lower selling prices for bananas and lettuce, higher interest, $9.6 million in charges relating primarily to a retroactive insurance adjustment, financial restructuring and a Dole marketing campaign.

Cook said a $17-million provision in the second quarter for losses involving the disposal of its seafood business were related to the salmon and shellfish industry.

Revenue for the first half reached $784.6 million, compared to $708.7 million the year before. Second-quarter revenue was $324.2 million, up from $306.6 million a year earlier.