Maui Land & Pineapple Co. increased its revenue but also lost more money in the first three months of this year, the large landowner reported Tuesday.

Kapalua-based Maui Land said it lost $1.4 million on revenue of $3 million in the quarter, compared with a $1.1 million loss on $2.8 million of revenue in the same period last year.

The company, which owns 23,000 acres on the Valley Isle and once operated hotels and golf courses, and farmed pineapple, derives most of its revenue from leasing mainly farmland, as well as retail, office and industrial property to others. The company, which at the end of last year had 17 employees, also operates utilities and a private club.

In recent years Maui Land has sold off real estate assets to generate income, but the company did not sell assets in the first quarter this year or last year.

Generally, Maui Land took in more lease and utility revenue in the first quarter but also incurred higher expenses.

Shares of Maui Land stock closed at $5.47 Tuesday before the company announced earnings. Shares over the last 52 weeks have traded between a $6.22 high on March 28 and a $4.92 low on Aug. 24.