Alexander & Baldwin Inc. today reported a $36.8 million third-quarter profit, down from $49.1 million in the same quarter last year.

The lower earnings came on higher revenue — $458.6 million in the three months ended in September compared with $432.9 million in the year-earlier period.

"We did relatively well in the third quarter given the deteriorating conditions in the markets we serve," Allen Doane, A&B's chairman and CEO, said in a statement. "Continuing cost containment and revenue optimization efforts have offset to some degree the impact of much weaker economic conditions."

Honolulu-based A&B is the owner of a diversified group of businesses including Matson Navigation Co., A&B Properties Inc., Hawaiian Commercial & Sugar Co. and Kauai Coffee Co.