Maui Business

Maui Land & Pineapple Reports $4.6M Loss for 2012

February 28, 2013, 2:26 PM HST
* Updated March 1, 6:31 AM
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Pineapple operations on Maui. File photo by Wendy Osher.

Pineapple operations on Maui. File photo by Wendy Osher.

By Sonia Isotov

Maui Land & Pineapple Company reported a net loss of $4.6 million, or $0.25 per share, for 2012.

Comparatively, the company reported $5.1 million in net income, or $0.27 per share, for 2011. The net income for 2011 included a $15.1 million gain from the sale of the Kapalua Bay Golf Course.

Things look brighter for the company when looking at 2012 corporate revenues of $16.2 million compared to $14.5 million for 2011.

“MLP made significant progress towards completing our restructuring efforts during 2012,” said Warren H. Haruki, the chairman and chief executive officer, in a written statement.

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“We now have a simplified business model focused on our core land holdings, we are moving forward with the resolution of our remaining legacy issues, and have significantly reduced our operating cash burn.”

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“While we still face several challenges, we remain steadfast in our commitment to manage and care for our Maui lands for the benefit of our stakeholders and the community. We are also pleased with the Maui County Council’s General Plan approvals and their designation of Haliimaile as a small town in the Maui Island Plan,” continued Haruki.

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