Maui Business

Maui Land & Pineapple 2nd Quarter Financials Mixed

August 3, 2011, 2:12 PM HST
Listen to this Article
1 minute
Loading Audio... Article will play after ad...
Playing in :00

By Sonia Isotov

Maui Land & Pineapple Company, Inc. reported a net loss of $2.5 million for the second quarter of 2011, but a net income of $10.0 million for the first six months 2011.

This is an improvement over the previous period, where net loss was $4.6 million for the second quarter of 2010, and a net loss of $7.3 million for the first six months of 2010. Although, included in net income for the first six months of 2011 was a $15.1 million gain recognized from the 2010 sale of the Kapalua Bay Golf Course.

“While the Company still faces many challenges, we continue to make steady progress towards resolving our legacy issues, and restructuring and streamlining our operations,” said Tim Esaki, Chief Financial Officer, in a written statement.

The Company also sold a portion of its former pineapple cannery site in Kahului for approximately $9.8 million during the second quarter of 2011.

Make the most of your Maui vacation with these top-rated activities: Maui Top 20: Maui Visitor & Tourism Information
E-Mail Newsletters Receive daily or weekly updates via e-mail. Subscribe Now
News Alerts Breaking news alerts on your mobile device. Get the App


This comments section is a public community forum for the purpose of free expression. Although Maui Now encourages respectful communication only, some content may be considered offensive. Please view at your own discretion. View Comments