A&B profit pulled down last year by Matson split
Alexander & Baldwin Inc. said it earned $20.5 million last year, down from $23.5 million the year before, though 2012 income was reduced by one-time costs to split off subsidiary Matson Navigation Co. Inc.
A&B said its profit last year benefitted from “solid” real estate leasing activity, agriculture operations and a new solar farm on Kauai.
Costs for splitting Matson into an independent company, which occurred in June, reduced profit by about $12 million, A&B said.
