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Maui Land & Pineapple Co. posted a narrower loss of $139,000 in the third quarter, but revenue jumped 43.6%, primarily due a spike in its land leasing operations.
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. Kapalua-based Maui Land owns 22,800 acres of land on Maui.
The company reported Thursday that its revenue increased to $2.4 million from $1.7 million in the year-earlier quarter with its leasing operations accounting for $2.2 million of that revenue total.
Maui Land posted a loss of $633,000 in the year-earlier quarter.
For the first nine months of the year, Maui Land reported earnings of $806,000, compared with a loss of $1.9 million in the same period in 2020. The company received a financial boost this year in the second quarter by selling The Steeple House —a popular venue for weddings and other special events — at Kapalua Resort for $1.7 million, and selling a conservation easement to protect 791 acres of land in Honolua Valley for about $900,000.
As has been the case with Maui Land for several years, asset sales have largely fueled positive financial performances by the company.
Shares of Maui Land stock closed Thursday down 3 cents at $10.38 before the earnings were announced. The company’s stock price over the past 52 weeks has closed between $12.79 on Feb. 8 and $10.18 on Nov. 6.
THIRD-QUARTER LOSS
$139,000
YEAR-EARLIER LOSS
$633,000
73