Maui Land & Pineapple Company closed out 2011 on a slightly sour note, reporting a net loss of $3.5 million in the last quarter of the year. The company's total net income was $5.1 million for the year. This comes as a surprise when compared to 2010, when company's net income was $24.8 million. The net income for 2011 also includes a $15.1 million gain from the sale of Kapalua Bay Golf Course.
The net income for 2010 includes $26.7 million from the sale of Kapalua Plantation Golf course and $16.6 million for the elimination of postretirement health and life insurance.
"MLP achieved several major accomplishments in 2011 as we continued our restructuring efforts," said Warren H. Haruki, chairman and chief executive officer of Maui Land and Pineapple, Inc. "We simplified our business model by exiting our non-core businesses, we resolved significant legacy issues, and significantly reduced our operating cash burn.
"Also, thanks to the Maui County Council, we secured the entitlements for our Pulelehua project near the Kapalua Airport," he added. "Although we still face significant challenges, our team remains committed to managing and caring of our Maui lands for the benefit of our various stakeholders."