Maui Land & Maui Land & Pineapple Co. posted an 11.7 percent decline in its second quarter earning due largely to increased costs in its pineapple operations.
Pineapple profits fall
in 2nd quarter
Costs rose at its pineapple
unit, the company saysBy Rick Daysog
rdaysog@starbulletin.com
The Kahului-based agriculture and development company said it earned $265,000 during the three months ended June 30, compared with $300,000 a year earlier.
On a per-share basis, Maui Pine's second quarter earnings were flat at 4 cents.
For the first six months this year, the company earned $1 million, or 15 cents a share, down from $2.2 million, or 31 cents a share, during the first half of 2000.
Profits at Maui Pine's Kapalua Resort unit jumped 40 percent to $2.8 million during the recently completed quarter.
The company said it began selling apartments at its 36-unit The Coconut Grove luxury condominium project in June. Sales at its Pineapple Hill Estate project also increased during the second quarter.
However, much of the resort unit's gains were offset by losses in the pineapple operations. Maui Pine reported an operating loss of $784,000 during the second quarter, in spite of increased sales volume and average pineapple prices.
The company said its pineapple unit experienced increased marketing, administration and production expenses during the recently completed quarter.
Maui Pine's commercial and property segment also was in the red.
That unit posted a $404,000 loss during the three months ended June 30, due largely to sluggish results from Queen Kaahumanu Center. The Commercial and Property segment recorded an $84,000 profit in the second quarter of 2000.
Maui Land & Pineapple shares traded up 26 cents today at $24 on the American Stock Exchange. Earnings were announced after the market closed yesterday.