Maui Land & Pineapple Co. lost $1 million in the first three months of this year with no asset sales that the company has been relying on for profits in recent years.

Kapalua-based Maui Land issued the earnings announcement Wednesday, and said the loss compared with a $5.8 million profit in the first quarter of last year achieved by selling a three-hole practice golf course. The golf course sale price was $7 million, which produced a $6.4 million gain that was partially offset by operating losses.

Selling real estate has been a strategy in recent years for Maui Land to generate income after the company quit farming pineapple and suffered a downfall in resort development almost a decade ago.

Maui Land owns 23,000 acres on the Valley Isle. Operations now include leasing mainly farmland as well as retail, office and industrial property to others. The company also operates utilities and has some resort amenities.

Revenue from leasing slipped to $1.5 million in the first quarter from $1.6 million a year earlier. Utility revenue edged up, to $704,000 from $676,000. Resort amenity revenue also edged up, to $307,000 from $282,000 in the same period. Total revenue, including the year-earlier golf course sale proceeds, was $2.5 million in the recent quarter compared with $9.7 million a year earlier.

Shares of Maui Land stock closed at $10.90 Wednesday before the earnings announcement, and matched a 52-week low set Feb. 27. The high during the 52 weeks was $27.35 on July 12.