Property sales help
results at Maui Land

By Russ Lynch
Star-Bulletin

Gains from the sale of two land parcels pushed the third-quarter profit at Maui Land & Pineapple Co. up more than 85 percent, compared with the year-earlier quarter.

The company today reported a profit of $960,000, or 54 cents a share, for the three months ended Sept. 30, compared with a net of $518,000, or 29 cents a share, in the 1996 quarter.

The land sales added about $700,000 to the latest quarter's net, the company said.

Pineapple operations produced lower third-quarter revenues and operating profits, the company said.

Lower sales volume in canned pineapple was partially offset by higher prices.

Revenues at the company's Kapalua Resort on Maui were higher than a year earlier but Kapalua's operating profit was down because of higher costs and marketing expenses, the company said.

Kahului-based Maui Land said its commercial and property operations showed higher revenues and improved operating profits because of the two land sales and better results from the company's shopping center, Kaahumanu Center.

Overall revenues for the latest quarter were $37.4 million, up 1.1 percent at $37.4 million, compared with $37 million in the 1996 quarter.