Maui Land & Pineapple reports $25.5 million loss in third quarter

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Pacific Business News - Maui Land & Pineapple Co., Inc., (ML&P) reported third quarter losses of $25.5 million, with a majority of it being attributed to losses from the company’s investment in a Kapalua project. ML&P recorded $8.7 million in losses for the same quarter in 2008. ML&P said 2009’s third quarter results included $22.8 million in equity losses from its investment in Kapalua Bay Holdings LLC, the partnership with Marriott International and Exclusive Resorts that built the Ritz-Carlton Residences at Kapalua Bay. According to a news release, the year-to-date loss from the project is around $47 million. ML&P has reported year-to-date losses of $92.9 million, or $11.57 per share. The company had a loss of $8.8 million for the first three quarters of 2008, and ended the year with a record $79.4 million loss. Revenues for the third quarter were $26.7 million, which included the sale of two properties that produced income of $11.7 million. Revenues for the first nine months of the year totaled $55.5 million, compared to $62 million during the same period in 2008. The company’s resort and agriculture segments reported multi-million dollar losses as well.

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