The company, which announced its earnings on Wednesday, said its profit is the result from $6.7 million in land improvements that were conveyed to Maui Land & Pineapple by the owner of a 125-acre portion of its Kapalua Mauka project.
The unnamed owner purchased the property, which is commonly known as Mahana Estates, in 2009, the company said in a statement. As part of the sale, the owner agreed to deliver certain property improvements, including utility improvements.
Maui Land & Pineapple (NYSE: MLP) reported revenues of $9.3 million for the second quarters of 2017, down from $18 million during the same time period last year.
For first six months of the year, the Kapalua-based company reported net income of $12.3 million, or 65 cents per share. Last year, MLP reported income of $12 million, or 64 cents per share, between January and June.
Its revenues for the six month period fell from $21 million in 2016 to $19 million this year.
The company's stock fell 2.4 percent on Thursday to close at $14.
Source: bizjournals.com
