ML&P posts income of $6.5 million for Q2

The Maui News

Maui Land & Pineapple Co. on Wednesday reported net income of $6.5 million or 34 cents a share for the second quarter, about half as much as the same quarter in 2016.

Much of the Kapalua-based company’s revenue is based on land sales. The $15 million sale of the 304-acre Pulelehua worker housing project in June 2016 helped buoy that quarter’s net income of $13.4 million or 71 cents a share. Pulelehua was purchased by Maui Oceanview LP.

The company reported revenues of $9.3 million in the second quarter, compared to $18 million in the same quarter last year.

Included in the company’s real estate operating revenues for the April-to-June quarter and the January-to-June reports are approximately $6.7 million in land improvements that were conveyed to ML&P by the owner of a 125-acre portion of the company’s Kapalua Mauka project, commonly known as Mahana Estates, the company report said.

County property tax and state business records show the owner as Oahu-based SMC Mahana LLC, whose principal is Nan Chul Shin of construction company Nan Inc.

SMC Mahana purchased the 125-acre property in 2009. As part of the sale, the owner agreed to subsequently develop and convey to ML&P upon completion certain easements and subdivision and utility improvements related to the Mahana Estates property. Those improvements were conveyed to ML&P in April, the report said.

For the six months ending June 30, ML&P reported net income of $12.3 million, about the same as the $12 million in the same period last year. The company reported revenues of $19 million for the half-year, compared to $21 million in 2016.