Posted at 1:43 p.m., Monday, February 17, 2003
Maui Land & Pineapple posts $2M loss
Advertiser Staff
Maui Land & Pineapple Co. Inc. reported a net loss of $2.2 million, or 31 cents per share, in the fourth quarter, compared with net income of $4.6 million, or 63 cents per share, for the fourth quarter of 2001.Revenues for the fourth quarter were down 3 percent from a year earlier. The company said in a statement Saturday that operating losses from its pineapple segment exceeded the operating profit from its resort segment.
The pineapple segment lost $3.3 million compared with a profit of $724,000 for the fourth quarter of 2001. The company blamed the loss on higher legal fees, and pension and insurance costs. It also said higher shipping and marketing costs, due in part to the labor dispute at the West Coast ports, added to losses.
The Kapalua Resort had a profit of only $481,000 in the fourth quarter, compared with $7.1 million a year ago.
