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The Honolulu Advertiser
Updated at 12:29 p.m., Monday, May 4, 2009

Maui Land & Pineapple's losses widen in first quarter

Maui Land & Pineapple Co.'s loss widened in the first quarter as the Kahului-based company reported operating losses in its real estate development, resort and agriculture operations.

MLP lost $13.2 million or $1.65 per share for the first three months of the year compared to a net loss of $414,000, or 5 cents per share for the same period a year earlier.

"Results in the first quarter of 2009 largely reflect the continuing impact of the national and worldwide economic uncertainty that has resulted in reduced visitor counts to Maui and the State of Hawaii and slower sales of real estate," the company said in a news release.

Approximately $10.5 million of the increase in the net loss resulted from the year-over-year decrease in profit from the company's equity investment in Kapalua Bay Holdings LLC, MLP said.

The company's $50 million cash sale of the Plantation Golf Course in March 2009 was accounted for as a financing transaction and, accordingly, no gain was recognized in the first quarter of 2009.

The community development segment reported an operating loss of $3.2 million for the first quarter of 2009 compared to operating income of $8.1 million for the first quarter of 2008.

The resort segment reported an operating loss of $4.2 million for the first quarter of 2009 compared to an operating loss of $2.3 million for the first quarter of 2008.

The agriculture segment produced an operating loss of $3.5 million for the first quarter of 2009 compared to an operating loss of $5.1 million for the first quarter of 2008.