Maui Land & Pineapple 2nd Quarter Financials Mixed

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.