Maui Land & Pineapple Co., which has been restructuring its operations in an effort to become profitable, lost $3.5 million in the fourth quarter but finished 2011 with a profit of $5 million.

"We simplified our business model by exiting our non-core businesses, we resolved significant legacy issues, and significantly reduced our operating cash burn," MLP Chairman and CEO Warren Haruki said Thursday in a statement.

The company would have finished 2011 with a loss but booked a $15.1 million gain last year from the sale in 2010 of its Kapalua Bay Golf Course.

Still, the numbers paled in comparison with 2010, when MLP had fourth-quarter net income of $12 million and a full-year profit of $24.8 million. That was due to the company recognizing a $26.7 million gain previously deferred from the March 2009 sale of its Kapalua Plantation Golf Course, and a $16.6 million gain from the termination of post-retirement health and life insurance benefits.

The golf course sales helped MLP avoid the losses of previous years. MLP lost $123 million in 2009 and had a loss of $79 million in 2008.

Revenue for the fourth quarter fell 65 percent to $3.5 million from $9.9 million a year ago. For the year, revenue fell 37 percent to $14.5 million from $23.1 million.

MLP had a loss per share of 19 cents in the fourth quarter compared with earnings per share of 65 cents in the year-ago period. For all of 2011, MLP had earnings per share of 27 cents versus $1.99 per share in 2010.

Haruki said the company is moving forward on its 310-acre Pulelehua project near Kapalua Airport after receiving initial approval from the Maui County Council. MLP said half of the 882 homes it is proposing to develop will be affordable. It also would be required to provide land for a park and school in the area.

"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," Haruki said.

MLP’s stock rose 10 cents, or 2.7 percent, to $3.83 Thursday on the New York Stock Exchange. The financial results were released after the market closed.