Maui Land & Pineapple Co. swung to a first-quarter loss from a year-earlier profit on fewer land sales and weaker operations in fresh-pineapple sales. The company said in a statement that its revenue from land sales is sporadic, so figures in one quarter may not reflect the results for a full year. In addition, colder-than-average temperatures at its plantation in Hali‘imaile meant its fruit took longer to ripen. The agriculture segment thus reported an operating loss of $5.6 million, wider than the $2.4 million year-earlier deficit.
The latest operating loss in agriculture included two $900,000 special items, one to write off equipment and the other a provision for potentially uncollectible accounts receivable.
Last year, the company quit processing and canning pineapple to focus on selling fresh fruit. Maui Land said it is speeding plans “to consolidate fresh-pineapple operations at its Honolua plantation to take advantage of better growing conditions, shorter growing cycles, and lower operating costs.” The community development segment posted a first-quarter operating profit of $8.1 million, down from $29.1 million a year earlier. The loss in the resorts division widened to $2.3 million from $904,000, MLP reported.