Maui Land & Pineapple posts quarterly loss
Maui Land & Pineapple Co. lost $1.8 million in the first quarter, the company reported Wednesday.
The deficit was wider than a $200,000 loss in the same January-March period last year.
Maui Land said a sale of 89 acres in upcountry Maui in January 2012 helped results in the year-ago quarter, and that there were no real estate sales in the recent quarter.
The Kapalua-based company has been dependent on land sales for positive earnings after a disasterous investment in a resort development project a few years ago during the recession. Maui Land also exited pineapple farming in 2009 and is trying to restructure its business.
Maui Land generated $3.4 million in revenue during the first quarter, down from $5.3 million a year earlier, primarily from land lease revenue and resort amenity operations.
Aloha Air Cargo groundbreaking is today
Aloha Air Cargo will hold a groundbreaking ceremony today for its new facility at Honolulu Airport off Elliot Street, Ewa of the interisland terminal. The facility will serve as the company’s primary operational hub.
The groundbreaking also coincides with Aloha Air Cargo’s fifth anniversary as an independent company after starting operations in May 2008, following the shutdown of Aloha Airlines’ passenger service on March 31 of that year. The facility’s construction is the initial project of the Airport Modernization Project.
Tesoro’s quarterly earnings jump by 66%
Tesoro Corp., which shut down its Hawaii oil refining operations Tuesday, boosted its first-quarter net earnings by 66 percent.
Tesoro’s net income climbed to $93 million, or 67 cents a share, compared with net income of $56 million, or 39 cents a share, for the same period a year ago. Revenue rose to $8.2 billion compared with $7.8 billion for the year-earlier period, beating analysts’ revenue estimate of $6.6 billion.
Tesoro’s gross refining margin rose to $13.68 a barrel from $12.15 a barrel a year earlier. The company’s refinery in Kapolei more than doubled its gross refining margin to $4.60 a barrel in the first quarter from $2.07 a barrel a year earlier.
Tesoro ceased refining at the Kapolei refinery on Tuesday as part of a plan to convert the facility into an import and distribution terminal for refined products. Company officials said last week they suspended planned layoffs at the refinery while they continue efforts to sell the facility.
Big City Diner might open in Kaneohe
Local restaurant chain Big City Diner hopes to open in Windward Mall in Kaneohe in the fall, said Lane Muraoka, president and founder. Muraoka said he may take over the IHOP location in June, to begin construction on what will be his sixth Big City Diner location on Oahu.
"People have been asking (for the Kaneohe expansion) and we’ve been waiting for the right location," he said, adding that Windward Mall "is perfect for us."
Muraoka’s first Big City Diner location was in Kaimuki, and he later expanded to Kailua, the Ward Entertainment Complex, Waipio and Pearlridge.
Mall officials declined to comment.
The Windward Mall IHOP location, on which construction was delayed for three years, was opened in February 2007 by Union MAK Corp., an IHOP franchisee that opened the Waikiki and Hilo locations.
ON THE MOVE
The Queen’s Medical Center has honored the following as its 2013 Ke Kauka Po‘okela Outstanding Physicians of the Year: >> Dr. Kentaro Nishino received the award for hospital-based physician. He is a geriatrician and hospitalist at the Queen’s Medical Center. >> Dr. Kathleen L. Mah received the award for community-based physician. She is an active staff member and medical director of the main operating room, same-day surgery and urology at the Queen’s Medical Center. Hawaii State Federal Credit Union has hired David Kimura as its investment program manager. Before joining the credit union, Kimura was a financial adviser with Edward Jones and operated his own company, Kimura Financial, as well as served as a vice president and investment consultant at Central Pacific Bank.
SHIFTING GEARS
Foodland’s Maika‘i program now comes with gas benefits
Foodland Super Market Ltd. and Aloha Petroleum Ltd. have teamed up to add free gasoline to the store chain’s Maika‘i Card frequent-shopper benefits.
Maika‘i cards can now be used to earn up to $25 in free gas from both Aloha Petroleum and Shell gas stations on Oahu, Maui, Kauai and Hawaii island.
Foodland shoppers will receive one Maika‘i point for each dollar spent using the card. When 250 points have been earned, shoppers will receive a My Rewards certificate. Four certificates can be redeemed for a $25 Aloha or Shell gift card, while two certificates will net a $10 gift card.
The promotion runs through Oct. 31 and might be extended.
Chrysler’s custom-car contest excludes Hawaii and Alaska
A nationwide contest by Chrysler Group LLC offering owners of tricked-out Chrysler vehicles a chance to showcase them online and win prizes is void in Hawaii and Alaska.
The contest, launched on the Chrysler Facebook page, invites owners of customized Chrysler cars and trucks to upload pictures of their vehicles for public voting.
The top three finalists will be invited to the annual Specialty Equipment Market Association show in Las Vegas, where judges will determine who will win a trip to the 2014 North American International Auto Show in Detroit, a luxury vacation package for two and a two-year lease of a Chrysler vehicle.
Local Chrysler dealers declined comment.
Honolulu Airport is latest market for ExecuCar service
ExecuCar has expanded its service to Honolulu Airport, its 57th market.
A division of SuperShuttle International, the service can be booked via its website, mobile app or telephone. It offers chauffeur-driven Lincoln Town Cars as well as seven-passenger sport utility vehicles for larger parties.
Both ExecuCar and SuperShuttle are part of Illinois-based ground transportation services company Veolia Transportation Inc.
