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The Honolulu Advertiser
Posted on: Saturday, August 5, 2006

Fewer land sales lead to loss for Maui Land & Pineapple

Advertiser Staff

Maui Land & Pineapple Co. recorded a loss in the April-June quarter compared with a profit the same period a year earlier as land sales declined. Results for its resort operations improved, while canned pineapple sales fell amid competition from low-cost foreign operations.


Net loss: $2.6 million versus $6.48 million profit year earlier.

Loss per share: 36 cents versus profit per share of 89 cents.

Revenue: $33.6 million versus $51.2 million.

Operating profit (community development): $707,000, versus $15.4 million.

Operating loss (resort): $1.86 million versus $2.33 million.

Operating loss (agriculture): $3.43 million versus $2.6 million.


  • Land sales in the Community Development unit declined from a year earlier because the company marketed less property.

  • Agriculture operations benefited from a new fresh pineapple processing facility, while canned pineapple sales fell.

  • Resort revenue climbed from a year earlier, when the Plantation Golf Course was closed for improvements.


    "Second-quarter results largely reflect the impact of modernizing and resizing the Maui Pineapple unit combined with a reduction in land sales in our Community Development segment."

    David C. Cole
    Chairman, president, chief executive officer


    The pineapple business should benefit from efficiencies from the new facility as the company builds its Hawaiian Gold fresh pineapple brand and de-emphasizes canned pineapple because of low-cost foreign competition.

    Continued work on redevelopment of the Kapalua Bay Resort, where luxury condominiums and other projects are being created.