By Brenda León
Maui Land & Pineapple shares fell in post-market trading on Friday after the company swung to a loss in the second quarter.
The stock fell 4% to $14.55 in after-hours trading, and finished up 3.8% at $15.16 during the regular session.
The Lahaina, Hawaii-based company, which develops, manages and sells real estate on the island of Maui, reported a loss of $1.1 million, or 6 cents per share, for the quarter ended June 30, compared to a profit of $10.5 million, or 54 cents per share, in the same quarter a year earlier.
Operating revenues fell to $2.5 million in the second quarter, compared to $14 million in the same quarter a year earlier.
Real estate revenue fell to $19,000 from $11.6 million as the company said it sold no real estate in the first half of the year. A year earlier, it sold about 50 acres in West Maui for $2 million and a 646-acre parcel for $9.6 million.
The company also said its land and asset holdings weren’t affected by a wildfire on the island earlier this month that has left at lest 110 people dead.
In a filing with the Securities & Exchange Commission the company said that their holdings are primarily located in two areas on Maui. They own approximately 1,500 acres in Upcountry Maui in the Town of Hali’imaile, and approximately 20,400 acres in West Maui in the Kapalua Resort area.
Maui Land & Pineapple owns more than 22,000 acres of land and over 260,000 square feet of commercial properties for lease, it said.
Write to Brenda León at [email protected]
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