POSTED: 10:37 a.m. HST, Aug 01, 2012
Alexander & Baldwin Inc. reported a net loss of $4.4 million in the second quarter largely attributed to expenses and adjustments from spinning off former subsidiary Matson Navigation Co. in June, the company announced today.
The loss compared with a $12.3 million profit in last year's second quarter excluding Matson operations.
Honolulu-based A&B said the loss was created by expenses for the spin-off and a reduction in the value of two California development properties reassessed as part of the separation. Excluding those two items, A&B said it earned $5.5 million in the quarter.
A&B revenue slipped slightly to $72.4 million in the second quarter from $73.2 million in the same quarter last year.
"Notwithstanding the focus on separation and the resultant impact on financial results, our operations performed well in the quarter," Stan Kuriyama, A&B's chairman and CEO, said in a statement announcing the financial results.