ML&P posts a net loss for 3rd quarter
Kapalua-based Maui Land & Pineapple Co. reported Wednesday a net loss of $500,000, or 3 cents a share, for the third quarter.
The company logged a net income of $2.5 million in the July-to-September period in 2016, boosted by the August 2016 sale of a 5-acre workforce housing project in West Maui for $3 million.
ML&P has been infusing income into the company with land and asset sales and reported no real estate sales in the third quarter. The company logged operating revenues of $290,000 from real estate compared to $3.2 million in 2016.
Total operating revenues for the quarter were $2.8 million compared to $6.1 million last year. Operating costs and expenses were relatively stable compared to last year at $3.3 million.
For the first nine months, ML&P had net income of $11.8 million, which was a little less than the $14.4 million in 2016. Total operating revenues for the period were $21.9 million, compared to $27 million in 2016.