• Sunday, September 23, 2018
  • 82°

Business Breaking| Top News

Matson doubles profit in first quarter

  • STAR-ADVERTISER STAFF / 2012

    Matson container ship Matsonia moored at Pier 2 in Honolulu Harbor. Matson reported earning $14.2 million in the first three months of this year.

ADVERTISING

Matson Inc. doubled its profit in the first quarter despite delivering about the same number of shipping containers to Hawaii.

The Honolulu-based ocean cargo transportation firm reported earning $14.2 million in the first three months of this year, up from $7 million in the same period.

Matson said in a report today that the profit gain was driven largely by a joint-venture that provides stevedoring and terminal services at seven West Coast ports, and an operation that coordinates ground transportation, warehousing and other ancillary cargo services.

The timing of fuel surcharges, lower vessel operating costs and higher container volume in Alaska also contributed to more profit in the first quarter, the company said.

Offsetting the gains were lower cargo volumes in Hawaii, China and Guam.

Overall, company Chairman and CEO Matt Cox said Matson is “off to a good start to this year.”

The company projects that its operating income, which doesn’t include taxes or interest payments on financing, will be “modestly higher” for the full year compared with last year.

Comments (5)
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. If your comments are inappropriate, you may be banned from posting. Report comments if you believe they do not follow our guidelines.

Having trouble with comments? Learn more here.

Scroll Up