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Maui Land & Pine posts profit on strong real estate sales | The Honolulu Advertiser | Hawaii's Newspaper
Posted on: Tuesday, August 2, 2005

Maui Land & Pine posts profit on strong real estate sales

Advertiser Staff

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Real estate sales helped Maui Land & Pineapple Co. overcome losses in pineapple and resort operations of the Kahului-based firm, which posted a $6.5 million profit that bettered second-quarter results going back more than a decade.


SECOND QUARTER 2005

Revenue: $51.2 million, up 72.4 percent from a year ago

Net income: $6.5 million vs. year-ago loss of $2.4 million

Earnings per diluted share: 89 cents vs. 33 cent loss

Pineapple operating income: $2.6 million loss vs. $2.8 million loss

Resort operating income: $2.3 million loss vs. $1.4 million loss

Real estate development operating income: $15.3 million vs. $1 million


REASONS

  • Two large Upcountry land sales contributed a $10.5 million pre-tax gain on $14.5 million of revenue, while residential lot sales at Honolua Ridge added $9.9 million in revenue.

  • Plans to replace cannery and fresh fruit packing facilities resulted in $1.2 million in depreciation charges.

  • Resort revenues were down 12 percent to $8.7 million, largely reflecting the April 1 closing of the Plantation Golf Course for renovation. The course reopened July 31.


    WHAT THEY ARE SAYING

    "We continue to reinvest our gains to improve our resort, development and agricultural operations ... (the) community development segment has benefited from a robust market for residential properties on Maui."

    David Cole | Maui Land & Pine chairman, president and CEO


    WHAT'S NEXT

    The company is busy with several development projects, including a 125-unit luxury hotel condo villa with health and wellness amenities at Kapalua Resort, and partnering with Marriott International and Exclusive Resorts LLC to transform the Kapalua Bay Hotel into a 155-unit time-share and condominium complex.

    The company also plans to add 690 homes on 900 acres around one of the resort's three golf courses, the Village Course.

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