Maui Land & Pine Reports $17.6 Million Net Income in 2014

Maui Land & Pine. File photo by Wendy Osher.

By Maui Now Staff

Maui Land & Pineapple Company Inc. reported a net income of $17.6 million for 2014, or $.94 per share. The surplus compares with a net loss of $1.2 million in 2013, or $.06 per share. The company reported profits of $33 million for 2014, up from $15.2 million in revenue in 2013.

During the fourth quarter of 2014, the company acknowledged a net income of $18.8 million, or $1 per share. The company recognized net income of $1.4 million or $.07 per share during the same quarter in 2013. Operating revenues totaled $22.8 million and $7.2 million during the fourth quarters of 2014 and 2013, respectively.

In October 2014, the ML&P sold a 244-acre plot of former agricultural land in West Maui known as Līpoa Point to the State of Hawaiʻi for $19.8 million. The sale resulted in a $19.3 million gain with a portion of the proceeds designated for the company’s pension plans.

In May 2014, the company sold a four-acre parcel and building used as the maintenance facility for the Kapalua Plantation Golf Course for $2.3 million. The sale resulted in a $1.5 million gain.

In November 2013, the company sold a 10-acre parcel in West Maui for $5.4 million, resulting in a $2.1 million gain.

In June 2013, the company sold a seven-acre parcel that was the last of its former agricultural processing facilities in Central Maui for $4.0 million. The sale resulted in a gain of $1.9 million.

“We are very pleased with the substantial progress the company has made over the past year, particularly with sales of our non-core assets and funding of our pension plan obligations,” stated Warren H. Haruki, chairman and CEO. “We continue to work diligently toward strengthening our financial position and in managing our Maui landholdings for the long-term benefit of our stakeholders and the community.”