OREANDA-NEWS. Maui Land & Pineapple Company, Inc. reported net income of $13.4 million, or $0.71 per share, for the second quarter of 2016, compared to a net loss of $0.8 million or $(0.04) per share for the second quarter of 2015.  The Company reported revenues of $18.0 million and $2.8 million during the second quarters of 2016 and 2015, respectively.

In June 2016, the Company sold a fully-entitled 304-acre working-class community project located in West Maui, commonly known as Pulelehua, for $15.0 million.  The sale resulted in a gain of approximately $14.3 million and the Company utilized the proceeds from the sale to payoff and retire a $14.7 million bank loan.

For the six months ended June 30, 2016, the Company reported net income of $12.0 million or $0.64 per share, compared to a net loss of $1.9 million, or $(0.10) per share, for the six months ended June 30, 2015.  The Company reported revenues of $21.0 million and $5.6 million during the six months ended June 30, 2016 and 2015, respectively.

The Company also disclosed that on August 5, 2016, it refinanced its $26.4 million of outstanding bank loans under a $27.0 million revolving credit facility with First Hawaiian Bank.  The credit facility matures on December 31, 2019 and provides for two optional one-year extension periods.

Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, commercial, agricultural and industrial real estate.  The Company owns approximately 23,000 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.