Matson reports higher earnings

Matson reports higher earnings    Matson Navigation reported third quarter operating profit of $40.4 million, a 67 percent increase in over the $24.2 million earned in the same 2009 period.
   Revenue in the quarter ended Sept. 30 was $267.5 million, up 14 percent from the $234.2 million in the third quarter of 2009.
   While container volumes to Hawaii drop 2 percent and automobile volumes drop 10 percent, Matson said its container volume from China was up 29 percent.
   The company said it benefited from a rapid recovery of China rates, a peak season surcharge in place for the entire quarter and higher volumes compared with the third quarter of 2009. Matson said its original CLX1 service had “excellent” performance. The company's stevedoring joint venture, SSAT, also benefited from strength in transpacific volumes. While it expects the service to perform well for the balance of the year, its said normal volume and rate softening due to the end of the peak season in September is anticipated.
   Matson said it began its second China string, CLX2, in September. Offices have been established in the new China ports of Hong Kong and Shenzhen and five vessels have been time-chartered, with full deployment of the five-ship string initiated in October.
   Matson Logistics had operating profit of $1.8 million in the quarter, an 18 percent drop. Revenue was $92.4 million, a 12 percent improvement.
   The results were reported by Matson’s parent Alexander & Baldwin, which also has interest in agribusiness and real estate. A&B had third quarter profit of $25.7 million compared to $8.5 million in the same 2009 period. A&B’s revenue was $443.3 million compared to $371 million in the 2009 third quarter.