Castle & Cooke Profit Jumps in Year

Castle & Cooke Inc., the Los Angeles-based holding company for Dole Food Co. and Oceanic Properties Inc., Wednesday reported 1988 income from continuing operations of $112.3 million, up from $88.9 million in 1987. Revenue in 1988 rose to $2.47 billion from $1.86 billion in 1987.

For the fourth quarter of 1988, the company reported income from continuing operations of $19.4 million, compared to $19.3 million in the fourth quarter of 1987. Revenue increased to $589 million from $425 million. Revenue growth in 1988 reflects both increased sales from established company products and the impact of operations acquired in late 1987, the firm said.

Dole Food Co. reported record operating results in 1988, with solid performances from each of its major product lines. Results from Dole’s fresh fruit division were particularly strong. Dole’s fresh vegetable operations also reported good results for the year. The packaged foods division showed substantial improvement over 1987 in all segments of its business.

OPI which manages the company’s real estate development activities, reported higher earnings for the year with continued sales growth among its residential development projects.