Reported by Star-Bulletin staff & wire
Friday, February 6, 1998
Quarterly loss grows at Maui Land & Pine
Maui Land & Pineapple Co. had a loss of $1.76 million in the final quarter of 1997, a 25.7 percent greater loss than the $1.41 million it reported for the fourth quarter of 1996.Revenues of $37.1 million for the quarter were down 10 percent compared with revenues of $41.2 million in 1996 quarter.
However, for the full year, the company had a net profit of $863,000, or 48 cents a share, on revenues of $136.5 million, due to land sales early in the year. The full-year 1996 result was a loss of $747,000 on revenues of $136.3 million.
Barnwell Industries records lower profit
Barnwell Industries Inc. today reported a profit of $120,000, or 9 cents a share, for the three months ended Dec. 31, the first fiscal quarter for the Honolulu-based oil and gas exploration and drilling company.
The net was down 71.4 percent from the profit of $420,000, or 32 cents a share, reported for the year-earlier quarter. Quarterly revenues of $3.37 million were down 14 percent from $3.91 million in the 1996 period.
The profit decline was mostly due to a $330,000 decrease in revenues from water drilling in Hawaii, which is a cyclical business, said Morton Kinzler, chairman and chief executive.
Oceanic now provides business phone service
Oceanic Communications, an affiliate of of Hawaii's biggest cable TV service provider, today launched a business telecommunications network, providing full telephone service to island businesses.Oceanic, a subsidiary of Time Warner Telecom, is using its own digital fiber-optic network on Oahu and is offering voice, data and video communications services.
Now, its business customers are be able to make local calls and dial anywhere in the world in a system that competes directly with GTE Hawaiian Tel, Oceanic said.
Oceanic has had a telecommunications system in place since 1994, but it was limited to dedicated service for businesses and the military, such as links between a company and its branch offices.
Outrigger expands reach to Australia
Outrigger Hotels & Resorts is expanding to Australia. The Hawaii-based company said it will form a joint venture with Paradise Apartments, a resort group in Queensland, to market and manage several properties in Surfers Paradise on Australia's Gold Coast.The venture will operate and provide reservations service for three resort condominiums with a total of 496 units.
Outrigger has been expanding throughout the Pacific, including in Guam, Palau, Tahiti, Bora Bora, the Marshall Islands and Fiji.
Trump prepares to sell his casino company
NEWARK, N.J. -- Donald J. Trump has hired two investment banks to seek bids for Trump Hotels & Casino Resorts Inc., the public company that controls his casino holdings, the real estate developer said today.Trump said he has retained Donaldson, Lufkin & Jenrette Inc. and Bear, Stearns & Co. to market the company.
"The company is doing very well and I think we can get a good price," Trump said.