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Maui Land &Pineapple Co., which has been selling property to pay off debt, reported Wednesday that net income plunged 74 percent as a project it sold in the third quarter fetched far less than an unrelated sale in the year-earlier period.
The Kapalua-based company, which was once a major pineapple producer, resort operator and land developer, earned $2.5 million, or 13 cents a share, in the third quarter compared with $9.7 million, or 51 cents a share, in the third quarter of 2015.
Revenue declined 58 percent to $6.1 million from $14.5 million.
Maui Land sold a 5-acre, 42-unit workforce housing project in West Maui in August for $3 million and realized a net gain of about $2.8 million. In September 2015, the company sold the 25-acre Kapalua Golf Academy parcel and related facilities for $12 million and received a net of about $10.5 million.
Previous asset sales included a 304-acre, working-class community project in West Maui known as Pulelehua that was sold in June for $15 million, 244 acres sold to the state for $19.8 million in 2014, and sales of the Kapalua Bay Golf Course in 2010 and the Plantation Golf Course in 2009.
