POSTED: 10:54 a.m. HST, Jul 30, 2014
LAST UPDATED: 11:59 a.m. HST, Jul 30, 2014
Maui Land & Pineapple Co.'s revenue nearly doubled in the second quarter but net income plunged 42.6 percent due to higher expenses and the sale of a 7-acre parcel in the year-ago period.
The Lahaina-based company reported late Tuesday that it had earnings of $477,000, or 3 cents a share, compared with $831,000, or 4 cents a share, in the second quarter of 2013. Revenue jumped 96 percent to $5 million from $2.6 million.
MLP's earnings last quarter included the $2.3 million sale of a 4-acre parcel and building that serves as the maintenance facility for the Kapalua Plantation Golf Course. The sale resulted in a net gain of $1.5 million.
In June 2013, MLP sold the last of its former agricultural processing facilities in central Maui for $4 million, resulting in a net gain of $1.9 million.
Expenses last quarter rose 17.8 percent to $3.9 million from $3.3 million.