BUSINESS BRIEFS
Mac Orchards harvest subpar
Advertiser Staff and News Services
ML Macadamia Orchards said net losses widened to $100,000 in the first quarter, largely because of a sub-par harvest.
That compared with a net loss of $27,000 for the same period a year earlier. The lower first-quarter harvest was partially offset by a higher nut price of 60.1 cents per pound, up from 55.8 cents for the same period a year earlier.
First-quarter revenue totaled $1.5 million down from $3.1 million in the same quarter a year earlier.
TAX COLLECTIONS DOWN IN APRIL
State tax collections in April fell 2 percent to $316 million, according to the Department of Taxation. Through the first 10 months of the fiscal year, general fund deposits were up 9 percent.
General excise taxes, which are the largest single source of tax revenues, fell 7 percent in April to $147 million. General fund collections during the fiscal year through April rose 10 percent.
KUILIMA CHIEF CHECKING OUT
Hy Adelman, who has headed Kuilima Resort Co. for five years, said he is leaving this summer. He said his family is moving to the Mainland to be closer to a son who will soon enroll in college.
Adelman's work at Kuilima Resort Co., which is developing the Turtle Bay Resort, included guiding the resort's $100 million expansion and refurbishment, as well as the company's plan to further expand the resort. Nicola Jones, most recently CEO of San Francisco real estate development firm ECOR-SF, will succeed Adelman as CEO in early June.
GOLD EXCEEDS $700 AN OUNCE
NEW YORK — Gold rose above $700 an ounce yesterday for the first time since 1980, propelled by rising international tensions and a falling dollar.
Gold has risen 40 percent since late November, when for the first time in two decades the most-active contract broke through $500 an ounce.
