Maui Land & Pineapple Co. reported another big loss during the third quarter, largely reflecting the weakness in the real estate development sector.

The Kahului-based company said it lost $25.5 million, or $3.17 per share, during the three months ending Sept. 30.

That compares with a net loss of $8.7 million, or $1.09 per share, in the year-earlier period and $54.2 million, or $6.75 per share, in the second quarter 2009.

Shares of Maui Land dropped 11 cents to $6.14 on the New York Stock Exchange.

"It's certainly a tough economy," said John Durkin, the company's chief financial officer.

"All of our lines of business were affected by the economy."

Maui Land was the latest in a string of publicly traded local companies this week to report losses or lower profits.

Central Pacific Financial Corp. on Thursday reported a record quarterly loss of $183 million, while Bank of Hawaii on Monday said its earnings fell 23 percent in the third quarter. Alexander & Baldwin Inc.'s profits fell 77 percent in the third quarter, the company reported Thursday.

The lone exception was Hawaiian Airlines, which last week reported a fivefold increase in third-quarter earnings helped by a one-time tax benefit.

Maui Land's results came on revenues of $26.7 million, which were up 39.7 percent from third quarter 2008's $19.1 million.

Year-to-date, the company has lost $92.9 million, or $11.57 per share, compared with a net loss of $8.8 million, or $1.11 per share during the first nine months of 2008.

Maui Land said its latest results included a $22.8 million equity loss from its investment in Kapalua Bay Holdings LLC, which is developing a 146-unit Ritz-Carlton Club and Residences.

Maui Land, which owns 51 percent of Kapalua Bay Holdings, said the development company recorded a $208.8 million value impairment on the $474 million project.

The company said its pineapple operations continued to struggle against low-cost overseas competitors and the high production costs in Hawaii.

That segment recorded a $4.1 million operating loss during the third quarter, which compares with a $9.5 million operating loss in the year-earlier period.