Revenues of $80.6 million were down 4.8 percent from $84.7 million a year earlier. Because of a dividend of about $1 million paid out on preferred stock, earnings per common share of 10 cents in the latest quarter were just under half the 21 cents a share of the 1995 quarter.

Slow home sales on Oahu continued to cut into the overall results, despite lower losses at the resort operations on Lanai, the island that is 98 percent owned by Castle & Cooke. "Despite aggressive marketing and sales incentives, new orders at our Oahu residential operations were less than half of those for the same period last year," said David H. Murdock, chairman and chief executive officer.

"As a result, full-year residential earnings from our Oahu operations are expected to be significantly below 1995," he said.

The company, which also has real estate operations in California and elsewhere on the mainland, reported residential property sales of $57.1 million in the latest quarter, down 6.2 percent from $60.9 million in the 1995 quarter. The cost of residential operations were almost unchanged at $47.9 million, from $48.2 million a year earlier.

Resort revenues of $11.2 million were about even with year-earlier revenues of $11.3 million, but resort operating costs dropped by $2.4 million to $15.8 million, from $18.2 million in last year's quarter.

The company's commercial operations produced revenues of $12.4 million in the latest quarter, down from $12.6 million a year earlier.

The company said it delivered 148 homes in Hawaii in the second quarter, a 19.6 percent dip from 184 in the year-earlier period. As of June 30, Castle & Cooke had orders for 82 homes in Hawaii, compared with 180 at the same time last year.