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Matson doubles third-quarter profit

By Star-Advertiser staff

LAST UPDATED: 11:23 a.m. HST, Nov 7, 2012

Matson Inc. more than doubled its profit in the July-September quarter representing the company's first full quarter as an independent company.

Hawaii's largest ocean cargo transportation firm announced today that it earned $19.1 million in the third quarter, up from $8.7 million in the same period last year.

Revenue was $401.4 million in the third quarter, up from $380.6 million a year earlier.

Matt Cox, Matson's CEO, said the company's performance was "steady" and that there was a modest improvement in Hawaii shipping, strong volume in Guam and increased volume and rates for its service in China.

Honolulu-based Matson was previously a subsidiary of local company Alexander & Baldwin Inc., but was spun off into a stand-alone company June 29.

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