Dole Food Reports Profits Down 21% in 1st Quarter
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Dole Food Co. Inc., a Westlake Village-based food producer and real estate developer, said its profit fell 21% in the first quarter that ended March 25 to $23.6 million, down from a $29.7 million profit in the first quarter last year. Revenues for the quarter were $925 million, up 13% from $819 million a year earlier.
The company attributed the decrease in profit to a decline in income from single-family home developments in Hawaii, where a soft economy has hurt real estate sales. It attributed the gain in revenues to improved results from food operations.
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