Matson boosted by China cargo
Matson Navigation's parent company, Alexander & Baldwin Inc., had first quarter net profit of $17.3 million, nearly six times more than the $3 million it earned in the same 2009 period.
A&B, a conglomerate with interests in agriculture and real estate as well as shipping and logistics, had revenue of $345 million for the first quarter, compared to $315.3 million for the first quarter of 2009.
Ocean transportation revenue was $229.5 million in the quarter, 14 percent higher than in the same 2009 period, due primarily to higher volumes in the China trade lane, and $12.6 million of higher fuel surcharges from higher fuel prices. The ocean transportation business had a profit of $10.4 million in the first quarter this year compared to a $500,000 loss in the first quarter of 2009.
Carriage of containers to and from Hawaii was down 3 percent, but carriage of automobiles to and from Hawaii was up 51 percent. Carriage of containers to Guam was up 3 percent and from China up 31 percent.
The company’s logistics services business had revenue of $77.1 million in the first quarter, 1 percent more than in the same 2009 period. Operating profit was $1.9 million, 27 percent higher than in the same 2009 period.
Matson boosted by China cargo
