An income tax benefit generated a $3.7 million profit for Maui Land & Pineapple Co. in the fourth quarter and a $565,000 profit for all of last year, the company announced Wednesday.
Maui Land said it recorded a $5 million tax benefit under the Tax Cuts and Jobs Act passed in late 2017, which enabled it to post an annual profit for a fifth consecutive year.
In the four prior years, Maui Land sold real estate assets, including land slated for residential development, commercial buildings and golf properties to generate income.
Last year’s $565,000 profit was down from $10.9 million the year before.
Maui Land revenue last year totaled $11 million and was mostly from leasing property. A year earlier, the company had $24.4 million in revenue dominated by real estate sales.
The Kapalua-based company owns 23,000 acres on Maui. In addition to leasing farmland, retail and industrial properties to tenants, the company operates utilities and has some resort amenities. The firm was was once a major pineapple producer and real estate developer, but shed those operations about a decade ago.
Shares of Maui Land stock closed Wednesday at $12.26 before the earnings announcement. In the last 52 weeks, shares have closed between a $13.80 high on Aug. 15 and a $9.42 low on Dec. 28.
2018 NET
$565,000
YEAR-EARLIER NET
$10.9 million
ON THE MOVE
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