Maui Land & Pineapple reports first quarter results
KAPALUA RESORT – Maui Land & Pineapple Co. Inc. (NYSE:MLP) reported net income of $5.8 million, or $0.31 per share, for the first quarter of 2017, compared to a net loss of $1.4 million for the first quarter of 2016.
The company reported revenues of $9.7 million and $3.0 million during the first quarters of 2017 and 2016, respectively.
In February 2017, the company sold the 15-acre Kapalua Golf Academy three-hole practice course for $7.0 million. The property was sold to the owner of the Kapalua Plantation and Bay Golf Courses, resulting in a gain of approximately $6.4 million. The company applied $5.6 million of the sale proceeds to reduce its total debt to $1.2 million as of March 31, 2017.