Maui Land & Pineapple Co. posted a first quarter net loss today (5 May) hurt by a year-on-year decrease in profit from the company’s Kapalua Bay equity investment.
The Kahului-based company reported a net loss of US$13.2m for the period, compared to a net loss of $414,000 for the first quarter of 2008.
Revenues were also down, dropping to $15.6m from $25.4m during the same period a year ago.
Results in the first quarter largely reflected the continuing impact of the national and worldwide economic uncertainty that has resulted in reduced visitor counts to Maui and the State of Hawaii and slower sales of real estate, the company said.
The company’s agriculture segment posted an operating loss of $3.5m for the quarter compared to an operating loss of $5.1m in the previous year.
Revenues from the segment decreased by 42% from $8.5m due to lower case volume of fresh pineapple sales. The lower loss reflects higher average prices for fresh pineapple and lower operating costs in the agriculture segment.