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The Honolulu Advertiser

Posted at 11:06 a.m., Friday, October 26, 2007

A&B third quarter profit soars

Advertiser Staff

Commercial real estate sales helped Alexander & Baldwin Inc. earn a $49.1 million profit in the third quarter, up from $27.9 million in the same quarter last year.

The Honolulu-based company reported third quarter revenue of $434.7 million, compared with $421.2 million a year earlier.

Earnings per diluted share totaled $1.14, up from 65 cents, in the same comparable period.

The company said operating earnings were particularly strong from commercial real estate sales, real estate leasing and ocean transportation business Matson Navigation Co. Agriculture operations posted a loss.

For the first nine months of the year, A&B posted a profit of $105.8 million, or $2.46 per diluted share, compared with $95.5 million, or $2.18 per diluted share, for the same period last year.

Revenue for the first nine months of the year totaled $1.245 billion, up from $1.196 billion in the same period of 2006.