Posted on: Friday, October 29, 2004

BUSINESS BRIEFS
Matson boosts A&B profit

Advertiser Staff

Alexander & Baldwin Inc. yesterday reported third-quarter profits of $24.8 million, up 14 percent from $21.7 million in the same period last year.

The earnings of 58 cents per diluted share came on $384.2 million in revenue for the three months ended Sept. 30, compared with 52 cents of income per share on $316.3 million of revenue in the year-earlier quarter.

The diversified Honolulu-based firm said operating profit was up 32 percent to $33 million for its ocean transportation subsidiary Matson Navigation Co. on higher shipping volumes. Real-estate sales and leasing operating profit was up 8 percent to $12.6 million. Food operations, which include sugar and coffee, posted a 50 percent operating profit increase to $600,000.