Matson's profits fall to $3.4 million in 1Q

Associated Press

HONOLULU (AP) - Shipping and logistics company Matson Inc. says it earned $3.4 million during the first quarter, far below its profits of $9.1 million during the first quarter last year because of the timing of fuel surcharge collections.

Matson CEO Matt Cox said Tuesday that demand in Hawaii and elsewhere is staying strong even though the surcharges significantly hurt its results for the quarter.

The earnings amounted to 8 cents per share for the quarter ending March 31, down from 21 cents per share during the same quarter one year ago.

Matson says its total revenue dropped less than 1 percent to $392.5 million.

The company says it also paid $1 million in legal expenses related to the spill of about 1,400 tons of molasses into Honolulu Harbor in September.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.