Declines in tourists, pineapple prices, 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 loss compares with $272,000 in net income for the same three months last year, and was about four times larger than a $13.2 million loss in the first three months of this year.

Revenue in the second quarter was down 24 percent to $13.3 million, from $17.6 million a year earlier.

The second-quarter net loss included about $37 million in charges writing down the value of several assets, including a Kapalua resort timeshare and condominium development project.

"The downturn in visitor arrivals and slow real estate markets, combined with losses in our agriculture segment, have negatively impacted the business results of the company," John P. Durkin, Maui Land's chief financial officer, said in a statement yesterday announcing the financial results.

The Kahului-based company also has been challenged by the resignations of two chief executives since December, including Robert Webber who left his positions as CEO and president in May.

Warren Haruki, the CEO of Kaua'i firm Grove Farm Co. Inc. who became Maui Land's chairman of the board in January, is serving as Maui Land's interim CEO until a replacement is found.

In a May disclosure detailing Maui Land's finances in the first quarter, the company said negative cash flow had reduced available cash and credit lines to about $18 million as of March 31, giving "significant uncertainty" as to the company's ability to survive.

Under credit line covenants, Maui Land is limited as to how much it can borrow and how much liquidity and net worth it must maintain.

Durkin, in an interview yesterday, said Maui Land still has liquidity issues and is fighting to survive the economic downturn.

The biggest drain on Maui Land's earnings in the second quarter was the company's land development division, which reported an operating loss of $41 million and revenue of $1.8 million.

The division's operating loss included a $23.3 million write down on its investment in Kapalua Bay Holdings LLC, a partnership led by Maui Land that recently completed developing the luxury timeshare and condominium complex Ritz-Carlton Club and Residences at Kapalua Bay.

Maui Land took a $45.3 million charge on the project last year, and in May disclosed that it is obligated to buy parts of the new complex such as the spa, beach club and sundry store for an estimated $35 million. Terms of that purchase are being negotiated.

Durkin said Maui Land is concentrating on selling units at the Ritz-Carlton Club and Residences in the slow market, and has postponed all other development activity at the resort.

Suspended development plans were tied to $14.2 million in Maui Land write offs during the second quarter.

Resort operations for Maui Land posted a $4.6 million second-quarter operating loss, compared with a $5.2 million operating loss in the same quarter last year. The improvement was achieved by cutting costs.

Resort revenue was down 18 percent to $6.7 million from $8.2 million.

Cost cuts included layoffs of 100 employees in Maui Land's resort division and corporate headquarters announced in January.

The company in July 2008 laid off another 274 workers, largely in pineapple production.

Agriculture operations, primarily pineapple farming, posted an operating loss of $5 million in the second quarter compared with a $4.6 million operating loss a year earlier.

Division revenue was down 14 percent to $4.5 million from $5.3 million due to lower average prices.

Shares of Maui Land stock on the New York Stock Exchange closed down 5 cents yesterday at $7.25 before the earnings announcement.

Maui Land stock in the last 52 weeks has traded between a $5.20 low on March 9 and a $28.80 high on Sept. 19.

The second-quarter net loss equates to $6.75 per share, compared with a gain of 3 cents per share a year earlier.