Maui Land & Pineapple reports 2nd-quarter loss
Associated Press, 08.03.09, 10:56 PM EDT
KAHULUI, Hawaii —
Maui Land & Pineapple Co. has reported a wider second-quarter loss due to hefty charges.
The company posted a loss of more than $54 million, or $6.75 per share, compared with net income of $272,000, or 3 cents per share, for the second quarter of 2008.
The latest-quarter loss included a charge of $21.3 million for the drop in value of the company’s investment in Kapalua Bay Holdings LLC, and charges of $14.2 million to write off development plans the company says are no longer feasible due to changes in market conditions.
The company said Monday that revenue slid 24 percent to $13.3 million from $17.6 million. Declines were seen across all business segments, as less tourist travel to Maui and the state of Hawaii and lower demand for real estate continued to impact operations and pineapple operations were scaled down.