Honolulu-based ocean cargo company profit jumps 46 percent

Honolulu-based ocean cargo company profit jumps 46 percent

HONOLULU (AP) - Hawaii's largest ocean cargo transportation company had a record profit last year, earning more than $103 million.

The Honolulu Star-Advertiser reports Honolulu-based Matson announced Tuesday that its earnings last year were up 46 percent from $70.8 million the previous year. The company managed to hit a record year even after reporting a lower fourth-quarter income in 2015 than in 2014.

The profit increase can be attributed to Matson picking up business between the West Coast and Hawaii and acquiring operations in Alaska.

The acquisition of the Horizon Lines' Alaska service resulted in Matson carrying 39,100 containers in that market over a seven-month period last year, compared to none in 2014.

The company also carried about 11,000 more Hawaii containers last year as the economy boosted the state's container volume.

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