Maui Land & Pineapple H1 revenue falls on project pause - MLP News | RalliesMaui Land & Pineapple H1 revenue falls on project pause
M
MLP• Outlook
- Company expects stable recurring revenue from commercial real estate and land leasing businesses
- Company continues to pursue monetization of non-core water assets and land sales in escrow
- Company sees development pipeline as supporting future land sales
Overview
- US land developer's H1 revenue fell yr/yr due to pause in Honokeana Homes project
- Net loss narrowed from prior year, mainly due to absence of pension plan charges
- Recurring revenue from commercial real estate and land leasing remained stable in H1
Key details
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|
| H1 Net Loss | | $3.69 mln | |
| H1 Loss Per Basic Share | | $0.19 | |
| H1 Operating Income | | -$3.81 mln | |
Result drivers
- Project pause - Co said overall revenue decline was almost entirely due to the pause of the Honokeana Homes Temporary Housing Project
- Recurring revenue - Commercial real estate and land leasing businesses provided stable recurring revenue, with 93% occupancy in commercial portfolio
