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Maui Land &Pineapple Co.’s net income jumped fivefold in the second quarter after it completed two land sales that brought in $11.6 million.
The Kapalua-based company said Thursday it finalized the sale of 646 acres in Upcountry Maui for $9.6 million on May 20 and then completed a $2 million sale of a 50-acre parcel located in Upper Kahana in Lahaina on June 30.
Maui Land reported net income of $10.5 million compared with $1.9 million in the year-earlier quarter. Revenue more than doubled to $14 million from $5 million.
Since ceasing pineapple farming in 2009 and becoming largely inactive in real estate development, the company’s opera- tions have largely involved leasing land to others.
Maui Land owns 22,100 acres of land on Maui, most of which were acquired between 1911 and 1932. About 20,700 acres of land are located in West Maui and comprise a largely contiguous panel that extends from the sea to an elevation of approximately 5,700 feet. This parcel includes about 900 acres within the Kapalua Resort. The company’s remaining 1,400 acres of land are located in Upcountry Maui and mainly comprise leased agricultural fields.
Shares of Maui Land rose 19 cents on Friday to close at $9.75.
