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Maui Land &
Pineapple loses
$2.3 mil in quarter

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Star-Bulletin staff

Maui Land & Pineapple Co. posted a $2.3 million loss in the fourth quarter, largely due to losses in its pineapple operations.

The Kahului, Maui-based company yesterday said the loss, which amounted to 33 cents a share, compared with a profit of $1.4 million, or 19 cents a share, in the fourth quarter of 1999.

Lower prices and sales in the highly competitive canned pineapple market and higher expenses led to a $2.7 million operating loss in its pineapple operations, the company said.

Revenue for the last three months of 2000 totaled $38.6 million, down 11 percent from the year-earlier period, according to the company.

Maui Land's resort operations produced an operating profit of $359,000, compared with a $2.1 million profit in the 1999 fourth quarter, the company said.

One-time gains from lot sales boosted the 1999 results.

For the full year, Maui Land recorded earnings of $452,000, or 6 cents a share, compared with a $4.7 million profit, or 65 cents a share, in 1999.

Revenue last year fell 4 percent to $141 million.