Real estate company Maui Land & Pineapple Company, Inc. (MLP: Quote) Friday reported a fourth-quarter net loss of $3.5 million or $0.19 per share, compared to net income of $12.0 million or $0.65 per share last year.
Revenues for the quarter declined to $3.5 million from $9.9 million last year.
Warren Haruki, CEO of Maui Land, said, "We simplified our business model by exiting our non-core businesses, we resolved significant legacy issues, and significantly reduced our operating cash burn. Also, thanks to the Maui County Council, we secured the entitlements for our Pulelehua project near the Kapalua Airport."
by RTT Staff Writer
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