Fewer land sales lead to loss for Maui Land & Pineapple
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.
WHAT THEY ARE SAYING
"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.