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Maui Land & Pineapple Co. sold more assets to prop up its financial condition and earned a $9.7 million profit in the third quarter.
The Kapalua-based company, which was once a major pineapple producer, resort operator and land developer, said it sold its Kapalua Golf Academy on 25 acres for $12 million in September. That sale produced a $10.5 million gain that helped Maui Land earn $9.7 million in net income for the three months ended Sept. 30.
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THIRD-QUARTER NET
$9.7 million
YEAR-EARLIER LOSS
$749,000
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In the third quarter of 2014, the company had a net loss of $749,000.
Excluding the golf school sale, Maui Land had about $2.4 million in third-quarter revenue from leasing land, utility operations and resort amenities.
Maui Land, which owns roughly 23,000 acres on the Valley Isle, has relied on selling assets in recent years to avoid financial losses. Previous asset sales included 244 acres that the state bought last year for $19.8 million, the Kapalua Bay Golf Course in 2010 and the Plantation Golf Course in 2009.
