KAPALUA RESORT - Maui Land & Pineapple Company Inc. (NYSE:MLP) reported net income of $21.8 million, or $1.15 per share, for 2016.
This compares to net income of $6.8 million, or $0.36 per share, for 2015. MLP reported revenues of $47.4 million and $22.8 million for 2016 and 2015, respectively.
For the fourth quarter of 2016, the company recognized net income of $7.4 million or $0.39 per share. For the fourth quarter of 2015, the company recognized a net loss of $0.9 million or $(0.05) per share.
Operating revenues totaled $20.3 million and $2.7 million during the fourth quarters of 2016 and 2015, respectively.
In December 2016, the company sold a 3.4-acre property with an approximately 26,000-square-foot building, commonly referred to as the Kapalua Village Center, for $18.0 million. The sale resulted in a gain of $12.9 million. Proceeds from the sale were used to pay down the company's long-term debt.
"We are pleased with the many significant accomplishments over the past several years in strengthening our company's financial condition and refocusing our business," stated Warren H. Haruki, chairman and CEO.
"In addition, we are very appreciative of the continued support of our shareholders, creditors and the community as we further our efforts in pivoting MLP for sustained growth."
Maui Land & Pineapple Company Inc. develops, sells and manages residential, resort, commercial, agricultural and industrial real estate. The company owns 23,000 acres of land on Maui and manages properties, utilities and a nature preserve at the Kapalua Resort.