Alexander & Baldwin Inc. lost money in the first quarter of the year as expenses to wind down sugar cane plantation operations on Maui and purchase a Manoa shopping center offset other gains for the Honolulu-based company.

A&B announced today that it lost $7 million in the first three months of this year, which represented a heavy 180-degree turn from a $25.9 million profit in the same quarter last year.

The loss wasn’t unexpected, given that A&B has projected hefty costs associated with closing its Hawaiian Commercial & Sugar Co. plantation since January when it announced the planned closure that will take most of this year.

However, the size of the loss surprised a consensus of stock market analysts who research A&B. The expectation, according to Bloomberg, was a loss of 4.5 cents per share of A&B stock while the actual loss was 15 cents per share.

A&B said its farming division, which is mostly HC&S, had a $14.3 million operating loss in the first quarter that included $15.5 million of shutdown-related expenses. A year earlier, the division had a $1.9 million operating profit.

In real estate development, where A&B usually does well, the company posted a $3.8 million operating loss in the first quarter compared with a $32 million operating profit a year earlier.

This loss was due in part to buying Manoa Marketplace for $82.4 million in January. A&B also had an exceptionally strong 2015 first quarter that was boosted by receiving proceeds from 328 condominium unit sales in the residential Waihonua tower the company developed in Kakaako.

“A lull in real estate sales during the quarter resulted in an operating loss from our development business, but we look forward to stronger sales later in the year,” Chris Benjamin, A&B’s CEO, said in a statement.

Other parts of A&B did well, including a $14.1 million operating profit from real estate leasing that includes managing retail property the company owns, and an $8 million operating profit from asphalt, quarry and paving subsidiary Grace Pacific.

Revenue from all A&B operations in the first quarter was $108.8 million, down from $150.7 million a year earlier.