MATSON NAVIGATION SEES BOOST IN OPERATING PROFIT

MATSON NAVIGATION SEES BOOST IN OPERATING PROFIT    Matson Navigation Co. Inc. reported a first quarter operating profit of $19.9 million, up $1.6 million or 9 percent over the first quarter of 1999.
   Matson, the ocean carrier subsidiary of Alexander & Baldwin Inc., credited higher cargo volume in its U.S. mainland/Hawaii service. The higher volumes offset increased operating costs, particularly fuel, container handling and container repositioning costs, the company said.
   The shipping line has adjusted its bunker fuel surcharge to offset higher fuel costs and container inventory balances, resulting from labor disruptions, have been significantly reduced, Matson said.
   Hawaii service container volumes rose 5 percent in the first quarter, while Hawaii automobile volume rose 72 percent.
   Revenue for the quarter increased 12.6 percent to $190.5 million.