Dole Food, a US-based producer and marketer of fruit and fresh vegetables, has reported a wider loss of $142m for the full-year 2012, compared to a profit of $42m in 2011.
The company posted a 16.2% decline in net revenues to $3.1bn, compared to $3.7bn in the earlier year.
Dole president and chief operating officer Michael Carter said that the company's continuing operations and its discontinued operations in 2012 were lower compared to 2011 mainly due to banana market conditions and non-recurring charges for ITOCHU transaction related costs, provisions for certain previously-disclosed legal-related matters, and charges related to Typhoon Bopha in Asia.
For the fourth quarter ended 29 December 2012, Dole reported a loss of $210m, compared to a profit of $4m for the same period in the previous year.
Net revenues for the quarter decreased 7.6% to $888m, compared to $962m in 2011 due to a divestiture and were affected by costs related to the transaction.
Although, the current environment in the banana market remains challenging, the company expects the transformative sale transaction will allow it to grow in this competitive environment.
