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Maui Land & Pineapple Co. significantly improved its finances in the second quarter but still lost money with minimal operations.
The Kapalua-based company said it lost $181,000 in the three months ended June 30, an improvement from a $570,000 loss in the same quarter last year.
Maui Land managed a small revenue increase and expense reduction that benefited the company’s bottom line.
Revenue amounted to $3.1 million in the recent quarter, up from $3 million a year earlier.
Maui Land, which was a major Hawaii pineapple producer and real estate development firm until about a decade ago, owns 23,000 acres on the Valley Isle and is largely engaged in leasing farmland, retail space and industrial property to tenants. The company, which had 14 employees last year, also operates utilities and owns some resort amenities.
Maui Land stock closed at $10.08 Wednesday before the earnings announcement. That compares with a 52-week range of $13.80 on Aug. 15 and $9.42 on Dec. 28.
SECOND-QUARTER LOSS
$181,000
YEAR-EARLIER LOSS
$570,000
