Alexander & Baldwin Q3 profit $25.7 million - Hawaii News Now - KGMB and KHNL

Alexander & Baldwin Q3 profit $25.7 million

By Howard Dicus - bio | email

HONOLULU (HawaiiNewsNow) - There isn't much in the report to show economic recovery in Hawaii, but Honolulu-based Alexander & Baldwin has posted a $25.7 million third quarter profit, triple what it made a year earlier.

The profit, reported Wednesday, works out to 62 cents per diluted share, compared to 21 cents a share a year ago when A&B posted net income of only $8.5 million.

Revenue was $444.3 million, up from $371 million in the third quarter of 2009. For the first nine months of the year, revenue that topped $1 billion in 2009 is up almost a fifth.

Alexander & Baldwin owns Matson Navigation Co., the largest maritime shipping line to Hawaii and Guam, and the state of Hawaii's economy can often be measured by counting the containers Matson ships to Sand Island. Over the summer quarter it was 34,500 containers, down 2% from 35,100 in the third quarter of 2009. Vehicle shipping traffic was down 10%. Guam traffic was flat.

Despite the lack of improvement to Hawaii shipping volume, Matson revenue rose 14% and operating profit rose by two thirds because of the popularity of the company's China Express service. Matson leased five more ships and expanded this service in late September, and its competitor Horizon Lines is now also launching China service.

A&B Properties reported lower leasing revenue, but the company's agriculture division reported that the Maui sugar plantation ran in the black over the summer. Sugar prices have been higher this year.

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