HONOLULU (HawaiiNewsNow) - Alexander & Baldwin Inc., owner of Matson Navigation Co. Inc., has posted a $20 million fourth quarter profit, on $461 million revenue.
Profit was about the same as a year before, despite revenue up a third. Earlier in 2011, A&B had been posting net income double the performance of the year before. The full year saw $92 million profit on $1.6 billion revenue, compared to $44 million profit on $1.4 billion revenue in 2009.
"Earnings for 2010 rebounded," said CEO Stan Kuriyama, "driven principally by Matson's strong performance in China." He also noted improvement in the company's Kauai and Maui farming operations and improved real estate sales.
Matson expanded its relatively new China express service in 2010 and saw strong bookings, hauling more than 24,000 containers from China to the U.S. West Coast, up 81% from 13,000 the previous year
But its previously sluggish Hawaii and Guam business began to see a little improvement in 2010 as well. Matson hauled more than 37,000 containers to Hawaii, up 8% from 34,000 in 2009, and it took 4,000 containers to Guam, up 11% from 3,600 in 2009.