Macadamia firm reports losses

Advertiser Staff

ML Macadamia Orchards L.P., the world's largest grower of macadamia nuts, reported a second-quarter net loss of $241,000, or 3 cents a share, compared with a net profit of $702,000, or 9 cents a share, in the second quarter last year.

The company said nut revenues were $88,000 for the three months ended June 30, compared with $466,000 a year ago. The company said the drop in sales was because of weather patterns affecting the harvest.

The Hilo-based company also said second-quarter earnings last year included a $1 million payment from the settlement of litigation with Mauna Loa Macadamia Nut Corp.

ML Macadamia's sales in the second quarter totaled $662,000, compared with $2.2 million a year ago.