Maui Land & Pineapple Co. reported a second-quarter net loss of $1 million (6 cents a share), which was less than the $2.5 million net loss (13 cents a share) logged in the same quarter last year.
The company appeared to trim its losses mainly by reducing operating costs and expenses. Total operating revenue was $3.5 million for the April to June quarter, which is less than the $3.8 million in 2011, but operating expenses were down to $4 million this quarter compared to $5.6 million in the same quarter last year, the company reported Wednesday.
The largest cost reductions came in the general and administrative area, which was nearly halved from $1.5 million in the quarter in 2011 to $722,000 this quarter. Utility costs also fell from $574,000 last year to $258,000 for the quarter this year.
For the six months that ended June 30, the company reported a net loss of $1.3 million (7 cents a share) compared to net income of $10 million (54 cents per share) for the same period in 2011.
Included in the net income for the half-year was a $15.1 million gain from the sale of the Kapalua Bay Golf Course. The company reported revenues of $8.8 million and $7.7 million for the first six months of 2012 and 2011, respectively.
"We continue to recognize improvements in our ongoing cash flow from operations through increased leasing revenues from our primary land holdings, sales of noncore real estate assets, and by cost reduction efforts" said Tim Esaki, chief financial officer.