Maui Land &Pineapple Co. lost $929,000 in the last three months of 2017 but achieved a profit for the whole year by selling land.

The Kapalua-based company announced Friday that it earned $10.9 million last year, down from $21.8 million the year before.

The positive year for Maui Land continued a trend of relying on land sales as opposed to generating income from resort, farming and other operations on real estate the company owns, or developing its property for resort and residential use like it had done for decades.

Early last year, Maui Land sold a three-hole practice golf course for $7 million to help produce a $5.8 million first- quarter profit. In the second quarter, the company realized a $6.5 million profit derived from utility and other property improvements it received from a developer that bought 125 acres from Maui Land in 2009. The company sold no real estate in the third quarter and had a $484,000 loss.

Maui Land’s $929,000 fourth-quarter loss compared with a $7.4 million profit in the same quarter a year earlier during which the company sold a commercial building called Kapalua Village Center for $18 million.

Revenue in the fourth quarter was $2.5 million compared with $20.3 million a year earlier. For all of last year, revenue totaled $24.4 million compared with $47.4 million the year before.

Maui Land shares closed at $11.85 on Friday before the earnings announcement. Shares over the prior 52 weeks have closed between $8.30 exactly one year ago and $27.35 on July 12.