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Kawamoto home sales produce big profit for A&B

By Star-Advertiser staff

LAST UPDATED: 03:23 p.m. HST, Feb 20, 2014

Quick resales of residential property on Kahala Avenue helped Alexander & Baldwin Inc. more than double its fourth-quarter profit.

The company announced on Thursday that it earned $22.5 million in the last three months of 2013, up from $8.7 million in the same quarter the year before.

The recent profit included gains from selling eight Kahala Avenue properties that A&B sold for $52.9 million within three months of acquiring 27 homes and lots on the Honolulu street dotted by luxury residences from Japanese billionaire Genshiro Kawamoto.

A&B said its operating profit from real estate sales in the quarter was $38.1 million, which also included gains from sales of a 24-acre parcel on Maui for a shopping center anchored by Target and seven commercial properties on the mainland. In the 2012 fourth quarter, A&B's real estate operating profit was $1.3 million.

One area of A&B's business that sagged in the recent quarter was its agribusiness division led by Maui sugar plantation Hawaiian Commercial & Sugar Co. This segment recorded a $3.6 million operating loss in the fourth quarter compared with a $1.2 million operating profit a year earlier. A&B said the loss was primarily due to lower sugar prices that required the company to reduce the value of its raw sugar inventory.

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loquaciousone wrote:
I miss the pisssing statues and the rock filled swimming pools surrounded by tall invasive species weeds.
on February 20,2014 | 11:17AM
HonoluluHawaii wrote:
No worries they greatly contributed to the profit of $38.1 million. So invasive weeds have their value.
on February 20,2014 | 11:39AM
krusha wrote:
Seems like the skyrocketing prices of real estate is the way to go if you want to invest your money instead of in gold or the stock market.
on February 20,2014 | 12:21PM
HD36 wrote:
Genshiro sold his properties cheap because he was in trouble with taxes in Japan. Also, A&B got a great price because they bought all of them at once. I wouldn't speculate in this reinflated real estate bubble because when interest rates spike when the bond bubble bursts, the currency will also devalue and gold will surpass the $2000 an oz mark easily.
on February 20,2014 | 05:57PM
sayer wrote:
I wonder - I guess it's better to buy with it on the way up rather than on the way down.
on February 20,2014 | 08:57PM
Rapanui00 wrote:
All a inside deal as usual in Hawaii - a total set up. The real hero's are two area residents one a well known attorney and the other a Black Point homeowner. It was there constant pressure that got rid of this nightmare.
on February 20,2014 | 01:22PM
NanakuliBoss wrote:
Yeah right.
on February 20,2014 | 03:16PM
aomohoa wrote:
And the rich get richer. lol Al least Kahala will go back to being the classy area it use to be. The tacky is gone.
on February 20,2014 | 07:48PM
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