Maui Land & Pineapple Co., experiencing operating deficits in all three of its divisions, said today that it lost $2.1 million in the second quarter, largely as a result of a drop-off in canned pineapple sales. Maui Land & Pine
posts $2.1 million lossStar-Bulletin staff
The company posted a net loss of 29 cents per share for the period compared with a gain of $265,000, or 4 cents a share, in the year-ago quarter. Revenues declined 14.4 percent to $33.6 million from $39.2 million a year ago.
Maui's pineapple division, which earlier this year won steel tariff exemptions on its cans that will help keep down expenses, lost $1.3 million in the quarter from its pineapple unit compared with a loss of $1 million a year ago. However, total pineapple revenues of $22.2 million were $120,000 higher than the first quarter of 2001. The company said revenues increased from fresh pineapple products but that higher shipping and selling expenses and administrative costs contributed to the loss.
Maui Land's Kapalua Resort operations also dried up during the quarter as the segment lost $400,000 compared with a gain of $2.8 million a year ago. Revenues fell 35.6 percent to $10.3 million from $16 million. The company blamed lower real estate sales and decreased visitors to its resort for the shortfall.
The company's commercial and property division saw its loss for the quarter widen to $458,000 from $404,000 a year ago as the Queen Kaahumanu Center continued to suffer losses. Revenues fell 6.9 percent to $1.2 million from $1.1 million.