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Total Produce updates on Dole's Q3

Dole Fresh Fruit has performed strongly, while Dole Fresh Vegetables has been "affected by an industry-wide safety notice"

Total Produce updates on Dole's Q3

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Total Produce, which completed 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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