Dole

Dole Food Company has revealed a positive set of results for the second quarter of the year, a period that saw operating income hit US$108m (€75m) and cash flow from operations reach US$170m (€118m).

Net revenues during the three-month period hit US$1.7bn (€1.2bn), Dole said, while net income stood at US$21.1m (€14.6m).

The group said that, through the quarter, it succeeded in reducing its net debt by US$145m (€100.7m), part of a total debt reduction of US$480m (€333m), or 20 per cent, over the past five quarters going back to 2008.

Meanwhile, Dole announced that it had signed letters of intent to sell some operating properties in Latin America for around US$68m (€47.2m), with the sales expected to have a 'significant impact' on earnings and the proceeds going towards further debt reductions. The deals are expected to close during the third quarter of 2009, the group said.

'We are very pleased with the excellent results of our second quarter, especially the strong US$170m of cash flow we generated from operations, as compared with US$60m in the second quarter of 2008,' said group president and chief executive officer David DeLorenzo. 'We continue on track to meet or exceed our operational and financial goals for 2009.'