Maui Pine’s profit drops
13 percent to $1.3 million

Maui Land & Pineapple Co.'s net income slipped 13.3 percent in the first quarter because of higher losses from its pineapple operations and smaller profits at its residential development division.

The Kahului-based company earned $1.3 million, or 17 cents a share, for the three months ending March 31, down from $1.5 million, or 21 cents a share, in the first quarter of 2004.

Revenues fell to $38.1 million from $40.5 million a year earlier.

"All three business segments are performing to our expectations," said David Cole, chairman and chief executive officer.

Maui Pine said the pineapple segment had an operating loss of $2.1 million during the recent quarter, compared with a loss of $1.8 million in the first quarter of 2004.

The company, which previously focused on producing canned pineapples, said its new emphasis on fresh fruit sales led to higher costs.

Operating profits at Maui Pine's resort segment nearly tripled to $293,000 in the past first quarter from the year-earlier's $100,000 due to higher occupancy and room rates.

But the company's community development segment saw its operating profit decline to $3.9 million from $4.3 million a year earlier.