Developer Castle & Cooke to Cut Oahu Staff

Castle & Cooke Inc. plans to reduce its salaried staff in Oahu by as much as 35% from its 1995 peak, citing slumping home sales in Hawaii. The real estate developer wouldn’t say how many employees will be fired. The weak Oahu economy has cut into demand for homes, company spokesman Edward Roohan said. Los Angeles-based Castle & Cooke is diversifying, so it will depend less on Hawaii, he said. The company also posted a third-quarter loss of $571,000, or 3 cents a share, after the payment of preferred dividends, contrasted with net income of $1.1 million, or 5 cents, in the year-ago quarter. The company blamed the loss on a 24% decline in new-home orders in Oahu. Revenue fell 7.5%, to $54.5 million from $58.9 million. Castle & Cooke shares fell 31 cents to $17.75 on the New York Stock Exchange.