Maui Land & Pineapple Co. reported a net loss during the first three months of the year as a result of lower land-sales revenue and cooler temperatures that delayed fruit ripening at its Hali'imaile plantation.

The Kahului-based company reported it swung to a loss of $740,000, or 9 cents a share, in the first quarter from net income of $15.7 million, or $2.12, a year earlier when it benefited from the $24 million sale of land underlying the Ritz-Carlton Kapalua hotel.

Maui Land & Pineapple reported lower results in its resort, community development and agriculture segments. The company said revenues fell 58 percent to $25.4 million, primarily because the year-earlier period contained the large land sale. It also noted it is accelerating plans to consolidate fresh pineapple operations at its Honolua plantation because of better growing conditions and lower operating costs.

It said revenue at its agricultural operation was hurt because of unusually cold weather that hindered fruit ripening and because it ceased canning and processing of pineapple products as it focuses on fresh pineapple sales. Revenue for the segment fell to $.85 million from $13.7 million and resulted in the segment's operating loss more than doubling to $5.6 million.

Its community development unit reported operating profit shrank to $8.21 million from $29.1 million a year earlier when the land sale pumped up earnings.

The resort segment had an operating loss of $2.3 million as it increased operating and marketing expenses.

Shares of Maui Land & Pine, whose largest shareholder is former AOL Time Warner Chairman Steve Case, fell 6.5 percent to $31.80 in trading on the New York Stock Exchange yesterday. The company released its results after the close of regular market hours.