Despite a 73 percent jump in revenue, Santa Paula-based agribusiness Limoneira Company posted a $2.9 million loss during the first quarter of the year, it said March 12.
For the quarter ended Jan. 31, revenue was $10.2 million, up from $5.9 million during the same period of the previous year, according to a news release. The company’s adjusted loss was $2.9 million, compared to a loss of $3.4 million a year before.
Revenue from the company’s agribusiness, which is comprised mostly of lemon and avocado sales, increased 89 percent to $9.2 million.
Most of the money Limoneira earned during the first quarter was from lemon sales, which brought in $7.8 million, up from $3.1 million the year before. The company said it sold more cartons of fresh lemons at a higher price per carton. Avocado revenue hit $124,000, a big bump from last year’s $6,000 in sales.
Revenue from land rental was $1 million, about the same as the first quarter last year. Real estate development yielded $44,000, down from $56,000 during the same period in 2011.
Limoneira shares are publicly traded on the Nasdaq. Shares were up 12 cents to $17.33 at closing on March 12.