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STAR-ADVERTISER FILE
Maui Land & Pineapple Co.'s net profit in the last three months of 2010 was $12 million, compared with a net loss of $30.4 million in the same period a year earlier. Above is the company's office in Kahului.
Maui Land & Pineapple Co. cut in half a net loss for the first three months of this year compared with the same period a year earlier despite less revenue from operations amid a difficult turnaround effort.
The Kapalua-based company announced Wednesday evening that it lost $900,000 in the first quarter, down from a $1.8 million loss a year earlier.
Revenue slipped to $2.5 million in the quarter from $2.6 million a year ago.
Most of the company’s revenue came from leasing land, which generated $1.3 million in the recent quarter. The company also derived $722,000 from utility operations that include providing water and sewer service at Kapalua Resort and farmland irrigation water. Another $352,000 came from operating a membership club that provides resort guests with access to amenities.
Maui Land also announced Wednesday that it extended maturity dates on about $49 million of debt with two banks. The debt previously was due Thursday, but will now mature Aug. 1, 2016.
Maui Land, which was once a major resort operator and pineapple producer, has struggled financially over the last several years after a disasterous investment in a resort development project during the recession and a 2009 exit from pineapple farming.
The company, which owns about 23,000 acres on Maui, has managed to generate some profit in recent past quarters by selling real estate.
Shares of Maui Land stock rose 19 cents after the earnings announcement to $8.02 Friday from $7.83 on Thursday. Over the last 52 weeks, shares have traded between a low of $3.98 on July 24 and a high of $9 on April 7.
