POSTED: 12:11 p.m. HST, May 09, 2013
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.