July 31--Maui Land & Pineapple Co.'s revenue nearly doubled in the second quarter but net income plunged 42.6 percent due to higher expenses and the $4 million sale of a 7-acre parcel in the year-ago period.
The Kapalua-based company reported late Tuesday that it had earnings of $477,000, or 3 cents a share, compared with $831,000, or 4 cents a share, in the second quarter of 2013. Revenue jumped 96 percent to $5 million from $2.6 million.
MLP's earnings last quarter included the $2.3 million sale of a 4-acre parcel and building that serves as the maintenance facility for the Kapalua Plantation Golf Course. The sale resulted in a net gain of $1.5 million.
In June 2013, MLP sold the last of its former agricultural processing facilities in central Maui for $4 million, resulting in a net gain of $1.9 million.
Expenses last quarter rose 17.8 percent to $3.9 million from $3.3 million.
Maui Land, which was once a major resort operator and pineapple producer, has struggled financially over the past several years after a disastrous investment in a resort development project during the recession and its 2009 exit from pineapple farming. The company, which owns about 23,000 acres on Maui, has managed to generate some profit in recent past quarters by selling real estate. MLP manages properties, utilities and a nature preserve at the Kapalua Resort.
The company's stock edged up 7 cents Wednesday to $7.44.
Steve Case, former head of AOL and a Punahou School graduate, owned 63.6 percent of the company, or 11.9 million shares, as of the most recently regulatory filing in April.
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