Maui Land & Pineapple Company, Inc. (MLP) has reported a 220.18 percent jump in profit for the year ended Dec. 31, 2016. The company has earned $21.81 million, or $1.15 a share in the year, compared with $6.81 million, or $0.36 a share for the last year.
Revenue during the year surged 107.86 percent to $47.36 million from $22.79 million in the previous year.
Cost of revenue surged 101.45 percent or $5.73 million during the year to $11.38 million. Gross margin for the year expanded 76 basis points over the previous year to 75.98 percent.
Total expenses were $23.89 million for the year, up 77.60 percent or $10.44 million from year-ago. Operating margin for the year expanded 860 basis points over the previous year to 49.55 percent.
Operating income for the year was $23.47 million, compared with $9.33 million in the previous year.
Revenue from real estate activities during the year surged 135.16 percent or $24.39 million to $42.44 million. Revenue from sale of real estate was $36 million for the year, up 200 percent or $24 million.
Income from operating leases during the year dropped 4 percent or $0.22 million to $5.32 million.
Revenue from other real estate activities during the year was $1.12 million, up 122.75 percent or $0.62 million from year-ago.
"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 chief executive officer. "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."
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