Maui Land & Pineapple Company, Inc. (MLP) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $5.83 million, or $ 0.31 a share in the quarter, against a net loss of $1.36 million, or $0.07 a share in the last year period.
Revenue during the quarter surged 225.37 percent to $9.68 million from $2.98 million in the previous year period.
Cost of revenue rose 27.21 percent or $0.33 million during the quarter to $1.54 million. Gross margin for the quarter expanded 2474 basis points over the previous year period to 84.12 percent.
Total expenses were almost stable at $3.76 million, when compared with the previous year period. Operating margin for the quarter period stood at positive 61.20 percent as compared to a negative 26.11 percent for the previous year period.
Operating income for the quarter was $5.93 million, compared with an operating loss of $0.78 million in the previous year period.
Revenue from real estate activities during the quarter surged 389.34 percent or $6.94 million to $8.72 million. Revenue from sale of real estate during the quarter was at $7 million.
Income from operating leases during the quarter went down marginally by 1.80 percent or $0.03 million to $1.59 million.
Revenue from other real estate activities during the quarter was $0.14 million, down 17.26 percent or $0.03 million from year-ago period.
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