ML&P reports loss, improvement over 2012
Maui Land & Pineapple Co. reported a $1.2 million net loss (6 cents a share) for 2013, a marked improvement from the $4.6 million loss (25 cents a share) logged in 2012.
Two land sales during the year boosted the company’s bottom line, ML&P said in a news release Monday.
In November, the company sold a 10-acre parcel in West Maui for $5.4 million, which resulted in a $2.1 million gain, the news release said. The company sold a 7-acre parcel, the last of its cannery facilities in Kahului, in June for $4 million, which led to a $1.9 million gain.
The company logged $4.5 million in real estate sales in 2013 compared to $1.5 million in 2012.
Operating revenues grew $1.6 million to $15.2 million in 2013, compared to the previous year.
“With the progress made on resolving our legacy issues and the completion of the restructuring of our operations, we are now focused on the development and marketing of our real estate assets here on Maui,” said Warren H. Haruki, chairman and chief executive officer, in the news release.
“We believe the efforts of the past several years have strengthened our ability to manage and care for our Maui land holdings for the benefit of our stakeholders and the community,” he said.
For the fourth quarter of 2013, ML&P showed a net income of $1.4 million, or 7 cents a share, compared with a net loss of $1.7 million, or 9 cents a share, in the same quarter in 2012. Operating revenues in the quarter totaled $7.2 million in 2013, compared to $3.1 million in 2012.
The longtime Maui company, based in Kapalua, is a real estate company with about 23,000 acres on Maui.