Maui Land & Pineapple Co. widened its losses in the fourth quarter of 2007 but increased its profit for the full year.

The Kahului-based company reported a net loss of $4 million, or 51 cents a share, in the fourth quarter, compared with a net loss of $1.5 million, or 20 cents a share, in the fourth quarter of 2006.

Consolidated revenues fell to $25.9 million in the fourth quarter, a 44 percent decline from the same period a year earlier, reflecting lower revenues from the company's three business segments — pineapple production, resort operation and land development.

"Fourth quarter results reflect extensive redevelopment programs in the resort segment, and restructuring costs in the agriculture segment," David Cole, company chairman and CEO, said in a statement. "The company enters 2008 with renovated facilities and new amenities at the Kapalua Resort and vastly simplified operations in its pineapple unit."

Shares of Maui Land & Pine stock closed yesterday down $1.34 at $26.16. That's a little above a 52-week low of $25.83 reached on Feb. 12, and compared to a 52-week high of $37.97 on April 3, 2007.

Maui Land & Pine reported 2007 net income of $8 million, or $1.03 a share, up from $7.2 million, or $1 a share, in 2006. Consolidated revenues were $154.1 million in 2007 compared with $178.9 million in 2006, a decrease of 14 percent.

The company said the revenue decline primarily reflected agriculture business restructuring that began in the second quarter of 2007, as well as changes to its resort business last year that included the closure of the Village Course golf links and the temporary closure and renovation of the Ritz-Carlton Kapalua hotel and other facilities at Kapalua Resort. Higher land sale revenue helped offset some of the reductions in the other business segments.

In agriculture, the company ceased all canning and processing of solid-pack pineapple products last year, consigning sales and distribution to a California company. As part of the change, Maui Land & Pine took an $8.5 million charge for contract cancellations, employee severance and equipment and supply write-offs.

Operating losses in agriculture totaled $26.6 million last year, up from a loss of $18.6 million a year earlier. In the fourth quarter, the operating loss was $8 million, up from a loss of $8.9 million in the 2006 fourth quarter.

In resort operations, the Ritz-Carlton Kapalua hotel was closed from July through December last year for extensive renovations. The Village Course closed in February, and the Bay Course was closed from August to early December for upgrading.

Resort segment operating losses totaled $11.7 million last year, up from a loss of $6.4 million a year earlier. The fourth-quarter operating loss was $5 million, up from $3 million in the 2006 fourth quarter.

In land development, the company posted an operating profit of $53.1 million last year, up from a $36.2 million profit in the year earlier.

The increase was partly from the sale of land under the Ritz-Carlton Kapalua and other property, as well as income from a time-share development project. In the fourth quarter, operating profit was $6.9 million, down from $10.1 million in the 2006 fourth quarter.