Business briefs
Advertiser Staff
Aston parent's net income down
ResortQuest International Inc. parent company of Aston Hotels & Resorts Hawaii, said net income for the second quarter was $2.2 million, or 12 cents a share, compared with $3 million, or 16 cents a share, in the prior year.
Company president Jim Olin said, "Our Hawai'i resorts, while still not at prior-year levels, had a better quarter than expected despite the weak travel environment and outperformed all of our regions versus prior year results."
Maui Land reports loss
Maui Land & Pineapple Company Inc. said higher shipping and selling expenses and increased administrative costs led to a net loss of $2.07 million, or 29 cents per share, for the second quarter 2002. The company had a net profit of $265,000, or 4 cents per share, a year earlier.
The company's pineapple operations produced an operating loss of $1.3 million for the second quarter of 2002 compared with an operating loss of $1 million for the second quarter of 2001. Revenues from fresh pineapple products were higher in the second quarter, which partially offset the reduction in revenues from canned product sales.
United in deal with Island Air
United Airlines is marketing 14 daily flights operated by Island Air under a new code-share agreement.
Eight daily one-way flights on the Honolulu-Lana'i route and six daily one-way flights on the Honolulu-Kapalua /West Maui route will carry United codes, allowing the flights to be sold through the United reservations system, an Island Air spokesman said.
Home builder in Chapter 11
A judge has converted the bankruptcy case of Hawaiian Palisade Homes LLC from Chapter 7 to Chapter 11, opening the possibility for reviving the defunct factory-built home maker.
At least two groups, including one led by Hawaiian Palisade President Art Smith, said they have plans to recapitalize the company, pay off creditors and work to deliver homes ordered by roughly 150 customers. The company, subject of about 20 lawsuits, shut down operations earlier this month.
