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Maui Land &
Pineapple profits
jump 18.8%
Its Kapalua operations offset
Star-Bulletin staff
a weak quarter in pineappleMaui Land & Pineapple Co. said today that strong results from its Kapalua Resort offset a dip in income from pineapple and helped increase its first-quarter profit.
For the three months through March 31, the company earned $1.9 million, up 18.8 percent from $1.6 million in the first quarter of last year. Per-share income of 27 cents was up 17.4 percent from 23 cents in the year-earlier period.
Revenues of $34.8 million were up 3.6 percent from $33.6 million in the 1999 first quarter.
Resort operations at Kapalua generated an operating profit of $4.1 million in the latest quarter, up 141.2 percent from $1.7 million in the year-earlier period.
Kapalua revenues of $16.8 million in the latest quarter were up 32.3 percent from $12.7 million a year ago.
Profits from real estate sales at the company's Plantation Estates II helped the return at Kapalua, as did improved results from golf operations, merchandise sales and hotel ground leases, the company said.
Pineapple operations had an operating loss of $266,000 in the latest period, a downturn from an operating profit of $1.8 million a year earlier. Pineapple revenues of $16.8 million were down 15.6 percent from $19.9 million in the 1999 first quarter. The company said competitive market conditions resulted in lower sales and prices for canned pineapple.
Maui Land & Pine's largest shareholder is America Online Inc. Chairman Steve Case. Its stock rose 37 1/2 cents to $21 and is up 21 percent this year. The company's earnings report was released after the market closed.
