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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.

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