Wednesday, October 31, 2001

Maui Land earnings
soar on Kapalua sales

The real estate and agriculture
firm records a 254% net gain
for the quarter

By Russ Lynch

Maui Land & Pineapple Co. had a third-quarter profit of $1.97 million, or 27 cents a share, up 254 percent from a net of $556,000, or 8 cents a share, in the year-earlier quarter, thanks mostly to income from real estate transactions at its Kapalua Resort.

Maui Land & Pineapple Kapalua produced an operating profit of $6.5 million in the latest quarter, up 500 percent from $1.3 million in the third quarter of 2001.

The company said the higher profit came from lot sales at the Pineapple Hill Estates, closing of condominium sales at the Coconut Grove on Kapalua Bay and the sale of a remnant land parcel in the Kapalua Resort.

Other resort operations, such as hotel operations, were down, the company said.

ML&P lost $2 million in its pineapple operations in the three months through Sept. 30, compared to an operating profit $822,000 in the year-earlier period.

Art Total corporate revenues in the latest period were $45.9 million, up 23.4 percent from $37.2 million in the 2000 quarter.

Pineapple revenues of $25.5 million were up 2.8 percent from $24.8 million, due to higher prices and bigger sales volume.

Resort revenues of $19.1 million were up 72 percent from a year-earlier $11.1 million. Commercial and property revenues of $1.4 million in the latest quarter were up 7.7 percent from $1.3 million in the 2000 quarter.

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