Maui Land & Pineapple Co. reports higher Q2 earnings

Maui Land & Pineapple Co. reports higher Q2 earnings

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Maui Land & Pineapple Co. Inc. (NYSE: MLP) reported net income of $13.4 million, or 71 cents per share, for the second quarter compared with a net loss of $800,000, or 4 cents per share, for the second quarter of 2015.

The Lahaina-based company on Wednesday reported revenues of $18 million during the second quarter compared with $2.8 million during the same period last year.

In June, Maui Land & Pineapple sold a 304-acre planned workforce housing project, Pulelehua in West Maui, for $15 million. The sale resulted in a gain of about $14.3 million, and the company used the proceeds from the sale to pay off a $14.7 million bank loan.

Maui Land & Pineapple develops, sells and manages residential, resort, commercial, agricultural and industrial real estate. The company owns about 23,000 acres of land on Maui and manages properties, utilities and a nature preserve at the Kapalua Resort.

Editor’s Note – Maui Land & Pineapple is the parent company of Kapalua Realty Co. Ltd.