Matson’s 2nd quarter operating profit jumps 60%
Honolulu-based Alexander & Baldwin Inc. today reported that its U.S.-flag operator Matson Navigation’s second quarter operating profit increased 60 percent to $39.1 million, up from $24.4 million last year.
“This increase was due to a significant increase in container volume in the China service and improvements in yields and cargo mix, principally in Hawaii, partially offset by lower volume in the Hawaii service and lower government charter service revenues,” A&B said.
Matson’s quarterly revenue improved 4 percent to $253.1 million, compared to $243.6 million in the first quarter 2006.
For the year so far, Matson’s operating profit is up 36 percent to $57.9 million while its revenue gained 5 percent to $484.7 million.