ML&P’s Kapalua equity ‘written down’ – – The Maui News

maui-news-ad

By ILIMA LOOMIS, Staff Writer

POSTED: October 31, 2009

Maui Land & Pineapple Co. has reported a $25.5 million loss for the third quarter of 2009.

The loss includes $22.8 million in recorded losses on the company’s investment in Kapalua Bay Holdings. On top of previous write-downs, that means the company now has lost all of the money it originally invested in the venture, said Chief Financial Officer John Durkin.

"Unfortunately, we’ve now written down all our equity in Kapalua Bay Residences," he said.

The latest report brings ML&P’s total losses for the first nine months of 2009 to $92.9 million – larger than the $71.6 million loss the company recorded for the entire year in 2008.

Maui Land & Pineapple Reports 2009 3rd Quarter Results – Yahoo! Finance

  • Press Release
  • Source: Maui Land & Pineapple Company, Inc.
Kapalua investment responsible for huge losses
Kapalua investment responsible for huge losses

KAHULUI, Hawaii–(BUSINESS WIRE)–Maui Land & Pineapple Company, Inc. (NYSE:MLP – News) reported a net loss of $25.5 million or $3.17 per share for the third quarter of 2009 compared to a net loss of $8.7 million or $1.09 per share for the third quarter of 2008. The loss for the third quarter of 2009 includes $22.8 million equity in losses from the Company’s investment in Kapalua Bay Holdings, LLC, compared to $5.1 million income attributable to this investment for the third quarter of 2008. Consolidated revenues were $26.7 million for the third quarter of 2009, compared to $19.1 million for the third quarter of 2008. Revenues for the third quarter of 2009 include the sale of two properties that resulted in revenues of $11.7 million.