Matson Navigation reports solid 2nd-quarter gain
'Matson Navigation Co. Inc., the ocean transportation subsidiary of Alexander & Baldwin Inc., reported second-quarter operating profit of $27.9 million, up 10 percent over the year-earlier period.
''''Revenue increased to $204.7 million, from $187.8 million for the second quarter of 1999.
'''''Matson had a solid gain over its prior year performance despite a significant increase in fuel prices,' said W. Allen Doane, president and chief executive officer of A&B.
''''Bunker fuel prices virtually doubled from the year-earlier quarter. The U.S. mainland/Hawaii shipping line saw a 34-percent increase in auto volumes, improved mix of cargo and better results in non-Hawaii operations. Hawaii container volume was flat compared to the second quarter of 1999.
''''Through the first six months of 2000, Matson reported operating profit of $47.8 million, up 10 percent from the year-earlier period. First-half Hawaii service container volume was up 2 percent, while automobile volume jumped 49 percent.