POSTED: 11:19 a.m. HST, Feb 3, 2011
Alexander & Baldwin Inc. earnings were about flat in the last three months of 2010, but bigger gains earlier in the year enabled the diversified Honolulu-based company to more than double its full-year profit.
A&B reported 2010 net income of $92.1 million, up from $44.2 million the year before.
Fourth-quarter net income was $20.2 million, barely up from $20.1 million in the same quarter in 2009.
Revenue in the fourth quarter totaled $461.4 million, compared with $362.9 million in the year-ago quarter. Full-year revenue totaled $1.6 billion, up from $1.4 billion in 2009.
A&B said its profit was principally driven by ocean cargo transportation subsidiary Matson Navigation Co. operations in China, real estate sales and a turnaround in its sugar business on Maui.