Castle & Cooke Inc.: The Los Angeles-based...

Castle & Cooke Inc.: The Los Angeles-based holding company for Dole Food Co. and Oceanic Properties Inc. reported first-quarter net income of $12.5 million, down 49% from the same period a year ago. Revenue inched up 2% to $563 million. The firm attributed the results to a pretax provision of $10 million for anticipated costs associated with the temporary ban on the sale of Chilean fruit by the Food and Drug Administration in mid-March, lower residential sales in Hawaii and higher interest expense due to a combination of higher interest rates and additional debt incurred to support the company’s capital investment program.

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