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A&B profit rises on flat revenue

Alexander & Baldwin Inc. improved its profit in the first quarter, earning $5 million compared with $2.8 million in the same period last year.

The profit increase related to normal A&B business operations was less when factoring in $1.2 million in expenses during last year’s first quarter for spinning off former subsidiary Matson Navigation Co. Without that special expense, year-ago net income for the quarter would have been $4 million.

Honolulu-based A&B, which primarily owns commercial real estate, develops residential projects and operates Hawaiian Commercial & Sugar Co., said first-quarter revenue was little changed at $41.5 million in the recent period compared with $41.2 million a year ago.

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