Dole Reports 18% Drop in Profits for Quarter

Dole Food Co. Inc. reported an 18% drop in its third-quarter profit, as lower results from bananas, table grapes and real estate were only partly offset by improved fresh vegetable earnings.

The giant Westlake Village food and real estate concern said that its net income in the quarter ended Oct. 3 was $21.3 million, in contrast with a $25.8 million profit a year earlier. The decline in earnings was recorded despite a 7% increase in revenue, to $956.9 million from $898.3 million.

Dole’s nine-month profit was $88.1 million, a 16% decline from $104.7 million in the same period in 1991. Revenue totaled $2.61 billion, a 4% gain from $2.52 billion.

The company also said it would pursue its previously announced plan to sell a minority interest in its home-building and residential development subsidiary “when market conditions permit.”