Maui Land & Pineapple Co. slumped to a loss of $1.3 million in the third quarter after posting a $20 million profit in the year-earlier period due to a deferred gain from the 2009 sale of its Plantation Golf Course.

Last year’s one-time item was the result of the company booking a $25.7 million gain on the sale of the golf course for $50 million to TY Management Corp., an affiliate of Tokyo-based Fast Retailing Co.

Despite last quarter’s loss, MLP Chief Financial Officer Tim Esaki said today he is pleased with this year’s continued improvement in the company’s ongoing operations.

“This shows that our new simplified operating model is showing the desired benefits that we hoped to achieve,” Esaki said. “Our new business model is focused on managing and increasing the return on our land holdings. Over the last several quarters we have reduced our ongoing cost structure and actively pursued new lease tenants and other sources of revenue from our core real estate holdings.”

The loss per share in the third quarter was 7 cents versus earnings per share of $1.35 a year ago.

Net income for the first nine months fell 32.3 percent to $8.6 million, or 47 cents 

a share, from $12.7 million, or $1.23 a share, a year earlier. The net income for this year included a $15.1 million gain recognized from the 2010 sale of Kapalua Bay Golf Course, also to TY Management. 

Net income for the first nine months of 2010 included the $25.7 million gain from the Plantation Golf Course sale. 

Revenue fell 12.4 percent in the third quarter to 

$3.4 million from $3.9 million in the year-ago period. For the first nine months, revenue was down 16 percent to $11 million from $13.1 million.

Maui Land’s stock fell 10.3 cents, or 2.4 percent, to $4.16 today on the New York Stock Exchange. The financial results were announced after the market closed.