Maui Land & Pineapple reports $4.6 million loss in 2nd quarter
Maui Land & Pineapple Company, Inc. reported a $4.6 million loss in the 2nd Quarter of 2010. That’s an improvement from the $54.2 million loss reported during the same quarter last year. Revenues were $8.3 million, $400,000 less than the $8.7 million revenues reported at the same time last year.
A company press release says losses attributable to ML&P’s investment in Kapalua Bay Holdings, LLC in 2009 were the primary reason for the improved results in 2010. The positive movement is also reflective of improved operating results from the leasing and realty operations, as well as benefits from continued cost reductions.
Lower revenues are being attributed to third party leases at the Kapalua Villas and Kapalua Adventures. The reduced revenues were partially offset by improvements in the company’s golf and spa opertions.