Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, April 22, 1999

Maui Land & Pine sees turnaround

A turnaround in the pineapple business and higher returns at the Kapalua Resort gave Maui Land & Pineapple Co. a profit of $1.6 million, or 23 cents a share, for the first quarter of 1999, compared to a loss of $306,000, or 4 cents a share, a year earlier.

The company said its pineapple business produced an operating profit of $1.8 million in the latest quarter, compared to an operating loss of $739,000 a year ago.

The report had an operating profit of $1.7 million in the 1999 quarter compared with an operating profit of $1.5 million in 1998's first quarter.

ML&P's first-quarter revenues were $33.6 million, up 17.9 percent from $28.5 million a year earlier.

Outrigger unit opens Denver hotel

The 157-room Hilton Garden Inn, managed by part-owners Outrigger Lodging Services, opened this week at the Denver Airport.

Outrigger Lodging Services is a joint venture between Fitts Lodging Services and the family-owned business of Richard Kelley, Hawaii's Outrigger Hotels & Resorts.

Mortgage rates up slightly to 6.88%

McLEAN, Va. -- The average rate on a 30-year, fixed-rate mortgage rose to 6.88 percent this week from 6.87 percent last week, according to Freddie Mac's weekly survey of mortgage rates. The average rate on a one-year, adjustable-rate mortgage held at 5.56 percent, and 15-year mortgage rates rose to 6.51 percent from 6.47 percent last week.

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