Shares of Maui Land & Pineapple dropped in post-market trading on Friday following the company's announcement of a loss in the second quarter. The stock fell 4% to $14.55 in after-hours trading, but had a slight increase of 3.8% during the regular session, closing at $15.16.
The Lahaina, Hawaii-based company, specializing in real estate development, management, and sales on the island of Maui, reported a loss of $1.1 million, or 6 cents per share, for the quarter ended June 30. This is in comparison to a profit of $10.5 million, or 54 cents per share, in the same quarter of the previous year. Furthermore, operating revenues decreased to $2.5 million, compared to $14 million in the second quarter of the prior year.
Real Estate Revenue Declines
Maui Land & Pineapple's real estate revenue decreased significantly from $11.6 million to only $19,000. The company did not sell any real estate in the first half of this year, whereas in the previous year they had sold about 50 acres in West Maui for $2 million and a 646-acre parcel for $9.6 million.
Unaffected by Wildfire
The recent wildfire that has tragically claimed numerous lives on the island did not impact Maui Land & Pineapple's land and asset holdings. The company stated in a filing with the Securities & Exchange Commission that their properties are primarily located in two areas on Maui. They own approximately 1,500 acres in Upcountry Maui in the Town of Hali'imaile and approximately 20,400 acres in West Maui within the Kapalua Resort area.
Maui Land & Pineapple boasts a substantial land portfolio, consisting of over 22,000 acres, and also owns more than 260,000 square feet of commercial properties available for lease.