China trade, cost cuts boost Matson parent profit 477pc

ALEXANDER & Baldwin (A&B), parent of Hawaii's Matson Navigation Co, has posted a 477 per cent year-on-year profit increase in first quarter to US$17.3 million, drawn on revenues of $345 million, up 9.4 per cent from $315.3 million, reported the Honolulu Star Bulletin.

Its Matson shipping unit posted a 14 per cent first quarter revenue increase year on year to $229.5 million from $201.1 million a year ago. This was driven by container volumes in the China trade, a gain that offset A&B declines in real estate leasing.

"We are also benefiting from cost reductions implemented in late 2008 and throughout 2009 that positioned the company for improved financial performance," said A&B president and CEO Stanley Kuriyama.

Although Hawaii box volumes fell three per cent, the China business increased 38 per cent year on year to 13,200 containers compared to 9,600 in the corresponding quarter of 2009.

(Source: www.schednet.com)