The loss reverses a revised $30.5 million profit that the company earned for the second quarter of 1995. The second quarter 1995 profit was due largely to a $32.5 million one-time gain for paying down some of its debt last year.

Amfac owns and sells real estate and has some agricultural holdings in Hawaii.

For the three months ending June 30, 1996, the company posted revenues of $29 million, a 17.3 percent drop from the year-earlier's $35 million.

For the first half of 1996, Amfac lost $9.1 million, compared with a profit of $26.4 million in the same period last year.

Amfac is no longer a publicly traded company but its financial results were filed with the Securities & Exchange Commission by parent Northbrook Corp. Northbrook is affiliated with Chicago-based JMB Realty Corp. which acquired Amfac in 1988.

According to its financial statement, Amfac paid $6.5 million in interest expenses for the second quarter, up from expenses of $5.7 million in the 1995 quarter.

Minus the debt payment, the company had a operating loss of $1.3 million for the recently completed quarter, compared with an operating profit of $1.8 million in the second quarter of 1995. The company also said that its property division had sales of $12.2 million for the latest three month period, down 26.5 percent from $16.6 million in the past second quarter.

The company's agriculture division posted second quarter 1996 revenues of $16.7 million, a 9.1 percent drop from the year-earlier's $18.4 million.

In total, Amfac listed assets of $525 million and liabilities of $656.4 million.

The results come as Amfac is selling off some of its noncore holdings including some 2,300 acres of former sugar land on the Big Island.

Amfac also said it plans to use some $9.6 million of its cash holdings to develop its strategic investments, which include golf course developments at Kaanapali, Maui and a light industrial project near the former Oahu Sugar mill.

Amfac executives could not be reached for comment on the earnings report.