Real estate sales, startup costs hurt Maui Land & Pine | The Honolulu Advertiser

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Real estate sales, startup costs hurt Maui Land & Pine | The Honolulu Advertiser | Hawaii's Newspaper

Posted on: Saturday, November 4, 2006

Real estate sales, startup costs hurt Maui Land & Pine

Advertiser Staff

Maui Land & Pineapple Co. posted a loss of $2.5 million in the third quarter compared with a $2 million profit the same quarter a year ago.

THE NUMBERS

Revenue: $39.9 million versus $44.1 million a year earlier.

Net income: $2.5 million loss versus $2 million profit a year earlier.

Earnings per share: Loss of 34 cents versus gain of 28 cents a year earlier.

Resort operations: $2 million loss versus $2.2 million loss a year earlier.

Agriculture operations: $4 million loss versus $2.5 million loss a year earlier.

REASONS

Increased losses in the agriculture business and a drop in operating profit in the community development business hurt earnings. That was partially offset by lower losses from resort operations.

The biggest year-to-year difference was a $6 million drop in revenues and $5.6 million drop in pretax profit because of Upcountry Maui real estate sales that were recorded in the three months ended Sept. 30, 2005.

WHAT THEY ARE SAYING

"Year-over-year differences in real estate property sales and startup costs at the new fresh fruit packing facility combined to impact earnings in the community development and agriculture segments."

David Cole
Chairman, President and CEO of Maui Land & Pineapple

WHAT'S NEXT

Maui Land & Pine and two other major Island landowners are jointly developing technology to turn green waste into alternative fuel.

The company has gotten county approval to expand Kapalua Resort with 690 luxury homes and other attractions at the West Maui property over the next 10 to 15 years. The plan is expected to help improve the real-estate and resort development business for the largely agricultural company.

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