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ML&P reports massive first quarter loss

May 14, 2009
Maui Weekly

Maui Land & Pineapple (ML&P) said recently that its first quarter outcome was largely impacted by the struggling economy, such as a decline in the visitor industry and real estate woes. The Kahului-based company reported a net loss of $13.2 million during the first quarter of 2009, compared with a $414,000 loss last year at the same time. Revenues were $15.6 million, which is a 39 percent decline from 2008’s first quarter outcome of $25.4 million. According to the company, the $50 million cash sale of the Plantation Golf Course in March was accounted for as a financing transaction and first quarter gain was not acknowledged from it.



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