POSTED: 02:12 p.m. HST, Aug 03, 2011
Maui Land & Pineapple Co. Inc. continued to sell assets to help improve finances during the second quarter, but only managed to narrow a net loss compared with a year earlier.
The company released its earnings today for the April-June period, and reported a $2.5 million net loss compared with a $4.6 million loss in the same period last year.
Revenue was down to $5.2 million in the second quarter from $6.3 million a year earlier.
During the quarter, Maui Land sold a portion of its former pineapple cannery site in Kahului for $9.8 million. Proceeds were used in part for working capital and to pay down debt. The company, which no longer farms pineapple, also set aside $4.1 million from sale proceeds to settle obligations related to former operations.