The company reported revenue of $418.2 million, up 6.9 percent from a year ago, and a net profit of $30.2 million, up 2.7 percent from a year ago. Earnings per diluted share were 68 cents, up from 66 cents.

The breakdown for major divisions was as follows:

Ocean transportation operating profit: $24.4 million, down 37 percent

Real estate operating profit: $23.1 million, up 51 percent

Food operating profit: $3.1 million, up from $300,000

"We are on track for a very good 2006, and remain confident that progress on major real estate development projects and Matson's trans-Pacific expansion will position the company for even stronger performance in the years to come," said Allen Doane, A&B president and chief executive officer

A&B said Matson results so far this year are in line with its plan, and that results for the second half of 2006 should approach or match the second half of last year.

Full-year real-estate results should meet or exceed A&B's long-term goal of 13 percent to 15 percent annual growth, A&B said, noting a softening housing market and robust commercial property market.