Updated at 11:28 a.m., Thursday, February 1, 2007
A&B profit up 15% in 4th quarter, down 2.8% for 2006
Advertiser Staff
Alexander & Baldwin Inc. said Thursday its earnings rose 15 percent in the fourth quarter to $27 million, or 63 cents a share, from the same period a year earlier, boosted by gains in its integrated logistics and real estate sales and leasing units.The fourth-quarter profits came on revenue of $406 million, up from $397 million during the fourth quarter of 2005.
Operating profit at the company's Matson Ocean Transportation unit rose 26 percent to $28.7 million in the fourth quarter compared with the same period a year earlier.
Operating profit at A&B's real estate sales unit rose 46 percent to $10.5 million in the fourth quarter, helped by the sale of the Lanihau Shopping Center in Kona and sales at its joint venture Kai Malu residential development in Wailea, Maui.
For the full year, A&B's earnings fell to $122.5 million, down 2.8 percent from 2005.
"2006 was a good year for Alexander & Baldwin, and it ended on a particularly positive note, providing momentum and a firm foundation for growth in the coming year," said Allan Doane, A&B chairman and chief executive officer.
