Castle & Cooke Homes’ 2nd-Quarter Profit Up 65%

Castle & Cooke Homes Inc., 82% owned by Dole Food Co. of Westlake Village, said its second-quarter net income climbed 65% as revenue doubled.

In the quarter that ended June 30, the residential real estate developer posted profits of $5.1 million, contrasted with a $3.1-million profit a year earlier, while revenue increased to $38.6 million from $19.3 million.

The developer said the increase in earnings and revenues was primarily due to delivering more homes in both Hawaii and California, where Castle & Cooke builds single-family residences.

Castle & Cooke sold 5.4 million shares of its common stock to the public in March.

For the six months, Castle & Cooke said its net income rose 84%, to $12.9 million from $7 million. Revenue increased 78%, to $78.6 million from $44.2 million.