Mauna Loa cuts loss for quarter

The company says it had a successful harvest in typically slow period

Star-Bulletin staff

Increased production helped Mauna Loa Macadamia Partners L.P. narrow its second quarter loss.

The partnership, which calls itself the world's largest grower of macadamia nuts, said it lost $56,000 for the three months ending June 30, compared with a loss of $148,000 in the second quarter of 1995.

That translated into a loss of 1 cent per share for the second quarter 1996, compared with a loss of 2 cents per share in the year-earlier period.

The results came on second quarter 1996 revenues of $519,000, up from $61,000 in the year-earlier quarter.

For the first six months this year, Honolulu-based Mauna Loa lost $174,000, or 2 cents per share, compared with earnings of $118,000, or 2 cents per share, for the first half of 1995.

Noting that the second quarter tends to be a seasonally slow period, Mauna Loa said it harvested 934,000 pounds of nuts during that period, a 62 percent improvement from the same quarter last year.

The company said the improved second quarter production is due to changes in the timing of its harvest and improved rainfall on the Big Island.

However, Mauna Loa said its production for the first half of 1996 was down to 3.7 million pounds from 4.6 million pounds in the first half of 1995. The company attributed the decline, in part, to unusually dry weather at its Kau orchards.

Mauna Loa also operates orchards in Keaau and Mauna Kea on the Big Island.

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