Declines in tourists, pineapple production, real estate sales and the value of assets resulted in a $54.2 million loss for Maui Land & Pineapple Co. in the second quarter, the company announced today.

The loss compares with $272,000 in net income for the same three months last year, and was about four times larger than the $13.2 million loss in the first three months of this year.
The second-quarter net loss included about $37 million in charges to write down the value in several assets, including a Kapalua Resort development project.
Revenue in the second quarter totaled $13.3 million, down 24 percent from $17.6 million a year earlier.
The Kahului-based company also has been hobbled by a raft of executive departures this year, including the May resignation of Robert Webber as CEO and president.
Warren Haruki, the CEO of Kauaçi firm Grove Farm Co. Inc. who became Maui Land’s chairman of the board in January, is serving as Maui Land interim CEO until a replacement is found.