Alexander & Baldwin Inc. boosted first-quarter net income by 70 percent to $42.1 million over year-ago earnings of $24.7 million with a large number of completed sales at its Keola La'i residential high-rise in Kaka'ako.

Revenue for the Honolulu-based company in the January-to-March period was $582.1 million compared with $383.1 million for the first three months of 2007.

Profit per diluted share of stock in the publicly traded firm was $1.01, up from 58 cents in the same comparable period.

Driving the profit increase were 300 sales completed at Keola La'i that represented 85 percent of the units in the residential tower. More sales in the 352-unit tower are expected to be recorded in the second quarter.

A&B said that while Keola La'i is a success, it expects the local real estate market to continue to soften and impact sales at other development projects. A&B said its other core business segments of ocean transportation and agriculture are stable.