Maui Land & Pineapple’s loss widens during quarter

Maui Land & Pineapple Co. reported Thursday a wider third-quarter loss from a year ago and flat revenue.

The company said its loss widened to $1.6 million, or 9 cents a share, from a loss of $484,000, or 3 cents a share. Revenue was $2.8 million for both third quarters.

Maui Land’s operating costs and expenses jumped 39.4 percent in the quarter to $4.3 million with its real estate operations accounting for the bulk of the higher expenses with a nearly fourfold increase to $1.3 million.

The company said it did not have any real estate asset sales during the third quarter of 2018 or in the year-earlier quarter.

Maui Land’s stock rose 23 cents, or 2 percent, to $11.50 before the financial results were released.

ON THE MOVE

Bank of Hawaii announced the following promotions:

>> Eric Chen has been promoted to senior vice president and ATM, debit and digital payments manager. He was previously vice president and debit and digital payments manager in the Digital Channels Division. Chen started as a finance and operations analyst in the bank’s Online Banking Department in 2009.

>> Rian DuBach was promoted to senior vice president and Maui Commercial Banking Center manager. He joined the bank in 2017 and served as vice president and private banking relationship manager for The Private Bank in Kahului. DuBach has 20 years’ experience as a finance executive.

>> Robert Fortuna, an international commercial banking manager, has been promoted to senior vice president from vice president. He joined the bank in 1987 and served as a management trainee. Since 1992 Fortuna has worked in various leadership positions in the bank’s International Banking Division.

>> Roger Khlopin has been promoted to senior vice president and chief investment officer of the bank’s Investment Management Services Division. He rejoined the bank in 2016 and was previously a vice president and manager of Fiduciary Portfolio Management. From 1991 to 2001 and from 2004 to 2007, Khlopin served in various positions in the bank’s Investment Services Group.