Maui Land & Pine logs second-quarter loss of $570,000

The Maui News

Kapalua-based Maui Land & Pineapple Co. logged a net loss of $570,000, or 3 cents a share, in the second quarter and $1.5 million, or 8 cents a share, in the first half of the year, the company reported Thursday.

This compares to gains of $6.5 million, or 34 cents a share, and $12.3 million, or 65 cents a share, in the April-to-June and January-to-June periods in 2017.

ML&P recorded $3 million in operating revenues in the second quarter, down from $9.3 million in 2017. For the half year, the company had revenues of $5.5 million, off from $19 million in 2017.

The company report explained that there were higher revenues in the first six months of 2017 due to the sale of the 15-acre Kapalua Golf Academy practice course in February for $7 million and the conveyance of land improvements to the company for the Kapalua Mauka project in April, valued at $6.7 million.

There were no sales reported in the first six months of this year.

The company also explained that the increase in general and administrative expenses — which were $139,000 and $480,000 higher for the second quarter and half year, respectively, compared to 2017 — were the result of higher legal and outside consultant fees.

This year’s operating revenues were boosted by an increase in sales commissions — $300,000 compared to $171,000 in 2017 for the second quarter and $336,000 from $310,000 for the first six months year over year.

The company reported having $1.2 million cash on hand and $13.8 million available on its $15 million revolving line of credit with First Hawaiian Bank as of June 30.