Former pineapple plantation operator Maui Land & Pineapple Co. had more expenses than revenue in the second quarter, resulting in a $570,000 loss.

The Kapalua-based company said the loss during the three months ended June 30 compared with a $6.5 million profit in the same period last year derived from benefits received in connection with a 2009 land sale. The company had no land sales last quarter.

Maui Land was once a major pineapple producer and real estate developer, but shed those operations almost a decade ago after suffering disastrous losses. Since then, the company has mainly relied on land sales to generate profit while leasing much of its real estate that includes farmland, retail and industrial property to others. The company, which owns 23,000 acres of land on Maui, also operates utilities and has some resort amenities.

Revenue in the second quarter totaled $3 million, compared with $9.3 million in the same quarter last year. Last year’s revenue and profit were boosted by receiving $6.7 million worth of utility and other property improvements from a developer as part of a nearly decade-old real estate deal.

Under that deal, a developer bought 125 acres from Maui Land to develop a gated community and was required to make certain land improvements for Maui Land tied to its long-planned expansion of Kapalua Resort known as Kapalua Mauka. The value of those improvements was treated as income even though they were not in cash.

ON THE MOVE

First Hawaiian Bank has announced the following promotions:

>> Raymond W. Phillips has been promoted to vice president, manager and investment product strategist in the Investment Services Department/Institutional Advisory Services Division. Phillips first started in the banking industry in 1999 and joined First Hawaiian in 2004.

>> Stuart H. Shibano has been promoted in the Dealer Division and serves as its new vice president and dealer loan officer. Shibano has more than 16 years of banking experience.

Coldwell Banker Pacific Properties has announced that Joe Di Condina is the newest independent agent and Global Luxury property specialist in the firm’s Honolulu office. Di Condina has more than 10 years of real estate experience.