Maui Land & Pineapple posts Q3 loss
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- Staff Pacific Business News
Maui Land & Pineapple Co. Inc. reported a net loss of $700.000, or 4 cents per share, for the third quarter, compared to a net loss of $1.6 million, or 8 cents per share, during the same quarter in 2013.
Maui Land & Pineapple (NYSE: MLP), which is based at its Kapalua Resort, reported revenue of $2.7 million for the third quarter, compared to $2.8 million in the third quarter last year.
The company closed on the $19.8 sale of 244 acres of former agricultural land at Lipoa Point to the state of Hawaii on Oct. 9, but noted that the proceeds from the sale were transferred to a trustee of the company's pension plans, as stipulated in legislation authorizing the deal. The company said it does not expect to be required to make minimum contributions to its pension plans "for the foreseeable future."
ML&P said the $19.3 million gain from the Lipoa Point sale will be included in the fourth quarter results.
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