Maui Land & Pineapple Co. said its financial losses more than tripled in the third quarter largely because of losses from its investment in a luxury timeshare and condominium complex at Kapalua.

The company reported a net loss of $25.5 million, or $3.17 per share for the third quarter, compared to a net loss of $8.7 million or $1.09 per share for the third quarter of 2008.
The loss for the current quarter of 2009 includes $22.8 million equity in losses from the company’s investment in Kapalua Bay Holdings LLC, compared to $5.1 million income attributable to this investment for the third quarter of 2008, Maul Land said in a news release.
Consolidated revenues were $26.7 million for the third quarter of 2009, compared to $19.1 million for the third quarter of 2008. Revenues for the third quarter of 2009 include the sale of two properties that resulted in revenues of $11.7 million.
Maui Land & Pineapple shares were down 11 cents at $6.14 in late trading on the New York Stock Exchange.