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Maui Land & Pineapple Co.’s sale of a 7-acre parcel containing the last of its former agricultural processing facilities led to a profit of $831,000 in the second quarter.
The sale of the parcel in Central Maui for $4 million resulted in a gain of $1.9 million.
A year earlier the Kapalua-based company lost $1 million.
Maui Land had earnings per share of 4 cents compared with a loss of 6 cents per share a year earlier.
Revenue decreased 10 percent to $3.1 million from $3.5 million in the year-earlier period.
Maui Land, which issued its earnings report late Wednesday afternoon, owns approximately 23,000 acres of land on Maui and manages properties, utilities and a nature preserve at Kapalua Resort. The company has been restructuring its operations since ceasing its agriculture operations in December 2009. In March 2011 the company stopped operating the two championship golf courses at Kapalua Resort and in September of that year ended all retail operations at the resort.
Shares of the company rose 14 cents, or 3.5 percent, to $4.12 Thursday on the New York Stock Exchange.
Steve Case, former head of AOL and a Punahou School graduate, owned 63.6 percent of the company, or 11.9 million shares, as of Wednesday.
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