Alexander & Baldwin managed a $5.2 million net profit in the first quarter, a reduction from $17.3 million in the same period last year.

The decline reflected a steep rise in fuel prices that created a $7.4 million operating loss for its ocean transportation subsidiary, Matson Navigation Co.

A&B warned of near break-even financial results in March due to fuel costs.

Operating profits by real estate and agriculture operations made up for Matson’s operating loss for the Honolulu-based company.