Maui Land & Pineapple Co. has reported a net loss for the first six months of the year, hurt by a downturn in visitors at its resorts business and losses in its agricultural segment.
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The Kahului-based company reported a net loss of US$67.4m, compared to a net loss of $142,000 for the first six months of 2008.
Revenues were also down for the period to 30 June, dropping to $28.9m, compared to $42.9m during the same period a year ago.
“The downturn in visitor arrivals and slow real estate markets, combined with losses in our agriculture segment, have negatively impacted the business results of the company,” said John Durkin, CFO. “On a year-over-year basis, despite the lower top line revenues in our resort and agriculture businesses, we were able to reduce the cash outflow from our operating activities.”
The company’s agriculture segment posted an operating loss of $8.5m for the six month period, compared to an operating loss of $9.7m in the previous year.
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By GlobalDataRevenues from the segment decreased to $9.4m from $13.7m for the same period in 2008.
For the second quarter, the company reported a net loss of $54.2m from $272,000 in the comparable quarter of 2008. Consolidated revenues were $13.3m, compared to $17.6m for the second quarter of 2008.
