Dole Foods Reports Third-Quarter EBITDA of €40M
Total Produce, the fresh produce company, released Dole Food Company’s third-quarter results, reporting earnings before interest, taxation, depreciation, and amortisation (EBITDA) of €40 million for the three months to October 6th.
Total Produce completed the acquisition of 45% of the issued share capital of Dole Food Company (Dole) on 31 July 2018.
It added that Dole Fresh Vegetables has been affected by an industry-wide safety notice - not directly linked to Dole - and an oversupply resulting in lower pricing, which reduced Dole’s first-half EBITDA by approximately €26 million, prior to the investment by Total Produce.
Dole Fresh Fruit has performed strongly, the holding company said.
Dole sold its corporate headquarters for €43.7 million and recognised a net gain of €6.3 million, which Total Produce said is not included in the adjusted EBITDA.
At the end of August, Total Produce reported that its revenues for the first half of 2018 increased by 1.8% to €2.2 billion.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.