Honolulu Star-Bulletin Business
Maui Land & Pine
narrows losses

The Kahului-based firm
lost $747,000 in 1996

By Russ Lynch
Star-Bulletin

Maui Land & Pineapple Co. lost $1.4 million in fourth quarter but that was an improvement from a loss of $1.8 million in the year-earlier quarter.

Revenues of $41.2 million for the quarter ended Dec. 31 were up 16 percent from $35.3 million in revenues in the 1995 quarter.

Fourth-quarter revenues from pineapple operations were up 24 percent compared with the year-earlier quarter and full-year pineapple revenues were up 18 percent, due to higher prices for canned pineapple and bigger sales volume, the company said.

The Kahului-based company lost money in pineapple in the latest quarter but less than it lost in the 1995 quarter. Resort revenues were about the same but the company had an increased fourth-quarter loss in its resort operations, due mostly to a one-time boost in income in 1995 from getting out of a money-losing partnership.

For all of 1996, the company reported a loss of $747,000, less than half the loss of $1.6 million it reported for 1995. Full-year revenues of $136.3 million last year were up 8.5 percent from $125.6 million in 1995.

The company said Maui, where it owns 28,600 acres including the 36-acre site of the Ritz-Carlton, Kapalua resort, had been plagued by drought in 1995 and pineapple growing conditions were better in 1996.




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