Molasses spill impacts Matson 3rd quarter earnings - Hawaii News Now - KGMB and KHNL

Molasses spill impacts Matson 3rd quarter earnings

Posted: Updated:

By JENNIFER SINCO KELLEHER
Associated Press

HONOLULU (AP) - The shipping company responsible for a molasses spill that killed more than 26,000 fish and other marine life in Hawaii says the incident is partly to blame for lower profits in the third quarter.

Matson Inc. on Wednesday reported net income of $17.2 million for the quarter that ended Sept. 30. That's nearly 10 percent less than the $19.1 million earned during the third quarter last year.

President and Chief Executive Officer Matt Cox says $1.3 million response costs, legal expenses and third-party claims related to the September spill contributed to the modest decrease in earnings.

The company says government agencies haven't provided an accounting of reimbursement claims for the spill and that no lawsuits have been filed. So Matson isn't able to estimate future expenses related to the spill.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.