Maui Land & Pineapple Co. finances swung to a loss in the fourth-quarter and dragged full-year earnings into the red largely due to confusion over taxes.
The Kapalua-based company announced Monday that it lost $9.1 million in the fourth quarter of 2019, compared with a 3.7 million profit in the October-December period a year earlier.
For all of last year, Maui Land lost $10.4 million, compared with a $498,000 profit the year before.
The company said its 2019 loss was driven by a reserve provision made for a previously claimed $5 million tax refund allowance that is now in question, as well as a $3.6 million value reduction for some real estate assets.
Revenue for Maui Land totaled $2.5 million in the fourth quarter and $10 million for all of 2019. That was up from $2.2 million in the prior fourth quarter and $8.9 million for all of 2018.
Maui Land, which once farmed pineapple and owned golf and hotel properties, today mainly generates revenue by leasing 23,000 acres of land it owns on the Valley Isle along with occasional asset sales.