Former pineapple producer and resort development firm Maui Land & Pineapple Co. has sold a popular venue for weddings and other special events, which contributed to a second-quarter profit.

Maui Land announced Thursday that it earned $1.9 million in the April-June period, which compared with a $200,000 loss in the same period of 2020.

As has been the case with Maui Land for several years, an asset sale was largely behind the positive financial performance.

The company reported selling The Steeple House at Kapalua Resort for $1.7 million. Maui Land also said it sold a conservation easement to protect 791 acres of land in Honolua Valley for about $900,000 in the second quarter.

During the second quarter of 2020, Maui Land sold no real estate assets.

Revenue totaled $5 million in the recent quarter, up from $1.7 million a year earlier.

Kapalua-based Maui Land owns 23,000 acres of land on Maui. Since ceasing pineapple farming in 2009 and becoming largely inactive in real estate development, the company’s operations have largely involved leasing land to others and operating real estate brokerage firm Kapalua Realty Co.

Shares of Maui Land stock closed Thursday at $11.06. The company’s stock price over the past 52 weeks has closed between $10.09 on Oct. 30 and $12.79 on Feb. 8.

SECOND-QUARTER NET

$1.9 million

YEAR-EARLIER LOSS

$200,000