Maui Land and Pineapple posts large loss

Maui Land and Pineapple posts large loss

By Howard Dicus - bio | email

KAHULUI (HawaiiNewsNow) - Maui Land & Pineapple has posted a $123 million loss for 2009 on roughly $50 million revenue.

MLP incurred one-time costs from severance pay in the shutdown of its pineapple plantation and packaging operation, and writedowns on its West Maui resort real estate operations.

A few years ago the company had big plans for its Kapalua Resort, and grew the best pineapple in the world, whose Maui Gold brand it expensively defended in court.

Everything tumbled two summers ago when the Wall Street meltdown destroyed Lehman Brothers. That Wall Street firm had been MLP's biggest lender.

MLP avoided bankruptcy and could regain asset value as the resort real estate market slowly rebounds.

Maui Gold has survived outside the company: a new division of Ulupalakua Ranch has contracted to grow the special pineapple and hired some former MLP employees.

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