The earnings were down from 2001 profits of $110.6 million, but primarily because of the company's one-time $77.8 million after-tax gain in 2001 from sales of stock in Pacific Century Financial Corp. and BancWest Corp.

Comparisons of A&B's financial performance between the two years was also skewed by the 9/11 effects on Hawai'i's economy and the dock shutdown that disrupted shipping last year.

But given the anomalies, Allen Doane, A&B president and chief executive officer, said the company came close to increasing profits last year.

Revenue last year totaled $1.09 billion, down 8.4 percent from $1.19 billion in 2001.

On a per-share basis, net income last year was $1.42, compared to $2.73 in 2001. Doane said that excluding the bank stock proceeds as well as one-time asset devaluations in the same year, 2001 per-share earnings were $1.48.

The 6 cent-per-share difference, Doane said, shows "how close we came to improvement, even with the burden of the labor disruptions and the economic overhang of 9/11 on the Hawai'i economy in the first half of 2002."

The West Coast dock shutdown late last year created a $12 million pre-tax hit to the company's ocean transportation subsidiary Matson Navigation Co., according to Doane.

Matson reported operating profits of $42.4 million, down 30 percent from $60.7 million in 2001.

Revenue for the unit was slightly higher last year at $686.9 million, a 1 percent increase over $682.3 million in 2001. The rise was due to rate changes and differences in commodities shipped. Container volume was up 2 percent while automobile volume fell 2 percent.

Matson's intermodal business, which arranges truck and rail service transportation, reported operating profits of $3.1 million last year, double the $1.5 million in 2001. Revenue totaled $195.1 million and $122.0 million for the same respective periods.

In A&B's real estate division last year, property leasing operating profits totaled $32.9 million, down 4 percent from $34.1 million in 2001.

Operating profits from property sales were up 8 percent to $19.4 million, compared with $17.9 million in 2001. Total real estate sales revenue was up 4 percent to $93 million, compared with $89.2 million in the same year-over-year period.

A&B's food segment, comprising Hawaiian Commercial & Sugar Co. and Kauai Coffee Co., reported operating profits of $13.8 million last year, up from $5.7 million in 2001 due to increased sugar production and sales, tight cost controls, higher power sales and an asset write-off in 2001.

For the fourth quarter alone, A&B reported net income of $17.3 million, or 43 cents a share, compared with $46.4 million, or $1.15 a share, in the final quarter of 2001, which included the one-time gain of bank stock proceeds equivalent to $1.69 per share.

Doane said the company has already taken steps toward trying to increase earnings this year, including implementing a terminal handling surcharge, acquiring Hawai'i real estate and continuing strong operations in the sugar business.

The company announced yesterday that it will pay a first-quarter dividend of 22.5 cents per share, payable on March 6 to shareholders of record as of Feb. 13.

Shares of A&B stock traded on the Nasdaq market closed yesterday at $26.11, up 19 cents before the company announced its earnings. A&B shares have traded between $20.50 and $29.25 over the last 52 weeks.