Matson reports drop in profits, blames molasses settlement
HONOLULU (AP) - Matson Inc. is reporting slow profits for the second quarter of the year and company officials say molasses is to blame.
The Honolulu Star-Advertiser reports that on Tuesday the ocean cargo transportation firm that its net income for the three months ended June 30 was $9.9 million, down from $18.1 million in the same quarter last year. Revenue was $447.6 million, up from $436.4 million in the same period.
Officials say the drop in profit is due to its acquisition of Alaska shipping operations from Horizon Lines Inc., and $11.4 million in costs for resolving claims in connection to the 1,400 tons of molasses the company spilled into Honolulu Harbor in 2013.
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