Total Produce, whichcompleted the acquisition of 45 per cent of the issued share capital of Dole Food Company on 31 July 2018, has issued an update on the Florida-based group's third quarter (Q3).
For the period ended 6 October,adjusted EBITDA came to US$45.4m compared to US$50.1m for the same period in 2017, reflecting a US$7.4m EBITDA reduction in Fresh Vegetables.
In addition, during the third quarter of 2018, Dole sold its corporate headquarters for US$50m and recognised a net gain of US$7.3m, which is not included in the adjusted EBITDA.
'Dole Fresh Fruit has performed strongly,' the statement read. 'Dole Fresh Vegetables has been affected by an industry-wide safety notice, not directly linked to Dole, and an oversupply resulting in lower pricing. As previously announced, this also reduced Dole’s first-half EBITDA by c.US$30m, prior to the investment by Total Produce.'
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