Dole Reports 4th-Quarter Loss of $20.1 Million

Dole Food Co., still feeling the effects of a soft banana market worldwide, reported a $20.1-million loss in its fourth quarter that ended Jan. 1.

A year earlier, the Westlake Village food and real estate concern lost $22.9 million. Its revenue in the latest quarter was $794.6 million, up 4% from $763.6 million.

For the year, Dole had net income of $77.9 million, up from $15.7 million in profit in the previous year. Its revenue rose 2%, to $3.43 million from $3.38 million.

David H. Murdock, Dole’s chairman and chief executive, said the company completed a cost-cutting and consolidation program that trimmed $130 million in expenses last year. The restructuring included abandoning marginally productive banana lands, and the closing and consolidation of some citrus operations.

It is also planning to close its Hawaiian sugar operations, its Argentine deciduous business, and its Philippine shrimp farming and vegetable packinghouse. The one-time costs of $42.5 million for the closures were included in its fourth quarter results.