POSTED: 11:58 a.m. HST, Aug 02, 2012
Matson Inc. said it earned a profit of $7.8 million in the second quarter, the first time in which the Hawaii-based ocean transportation firm is reporting financial results as an independent company after separating from former parent Alexander & Baldwin Inc.
Matson earned a higher profit, $18.7 million, in the same quarter a year ago while still part of A&B. However, Matson's financial results in both the recent and year-ago quarters include results from A&B's non-Matson operations because of how the separation was structured.
Operating income for Matson, which excludes A&B operations, was $32.5 million in the second quarter, up from $29.2 million a year earlier. Operating income in the recent quarter included $5.8 million in expenses for the separation from A&B, which was completed on June 29.