Matson’s 1st quarter operating profit up 3%

Matson’s 1st quarter operating profit up 3% Honolulu-based Alexander & Baldwin Inc. today reported that its U.S.-flag operator Matson Navigation’s first quarter operating profit increased 3 percent to $18.8 million, up from $18.3 million last year.
   “The increase in operating profit is explained primarily by volume gains from the China service and improved yields in the Hawaii service, which were offset by the loss of charter profits due to the expiration of the APL Alliance, lower Hawaii container and auto volumes, and to higher equipment control expenses and increased fuel costs related to the China service,” A&B said.
   Matson’s quarterly revenue improved 6 percent to $231.6 million, compared to $219.3 million in the first quarter 2006.
   Container volume for Hawaii was down 3 percent to 40,700 units while Hawaii automobile volume decreased 28 percent to 22,900 units. Matson’s Guam container volume was flat at 3,400 units. Volume for the carrier’s transpacific China service, started in February 2006, increased from 2,000 to 11,700 containers.