Maui Land & Pineapple Co. suffered a first-quarter loss of $244,000, or 1 cent a share, a negative swing from a $12.4 million profit representing 67 cents a share in the same quarter last year.

The Kapalua-based company, which is primarily involved in resort and real estate operations, relied largely on land sales to affect earnings in both the recent and year-ago quarters.

In the recent quarter, Maui Land sold an Upcountry parcel for a $1.4 million gain. A year earlier the company counted a $15.1 million gain from an earlier sale of its Kapalua Bay golf course.

"Our first-quarter results reflect our continuing efforts to streamline our operations and reduce our ongoing cash burn," Tim Esaki, Maui Land’s chief financial officer, said in a statement. "Our team remains focused on building shareholder value by resolving our legacy issues and developing and managing our Maui lands."

Maui Land is struggling with a difficult transition after it quit growing pineapple in 2009 and focused heavy investment on a resort condominium and time-share development proj­ect at Kapa­lua Bay that was hurt by meltdowns in the real estate and global finance markets.

Revenue in the first quarter totaled $5.3 million, up from $3.8 million a year earlier.

In the recent quarter, most revenue came from real estate sales and leasing. The company took in $1.5 million on sales. Land leases brought in another $1.5 million. Revenue from resort amenities that include a restaurant and spa totaled $1.2 million. The balance came from utility and real estate commissions.

Shares of Maui Land stock closed Thursday on the New York Stock Exchange at $3.97, up 15 cents from Wednesday after earnings were announced. Shares over the past 52 weeks have traded as high as $5.43 on July 21 and as low as $3.68 on Dec. 15.