For all of 2004, the company posted a net loss of $383,000, or 5 cents a share, compared to net income of $6 million, or 83 cents a share in 2003.

Consolidated operating net revenues for the fourth quarter totaled $48.5 million, compared with $47.4 million a year earlier. For 2004, revenues increased to $153.4 million from $151.3 million in 2003.

In July 2004, Maui Land began selling lots in the Honolua Ridge development, and sales continued through the end of 2004. The sales contributed $9.6 million and $12.4 million, respectively, to operating profit for the development segment in the fourth quarter and the entire year.

"Our resort and development segments are generally on track while our agricultural operations continue to struggle," said David Cole, Maui Land's chairman and chief executive.

In 2004, the company invested heavily in future crops to smooth fruit delivery schedules, extend fresh fruit shelf life, and improve quality, he added.

Pineapple production produced an operating profit from continuing operations of $2.7 million in the fourth quarter compared with an operating profit of $2.1 million in the fourth quarter of 2003.

The resort business resulted in an operating loss of $1.3 million in the fourth quarter, compared with an operating loss of $1.7 million for the same period a year earlier.