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Profit shrank severely last year at Alexander & Baldwin

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Impacts from an ill-fated expansion of cargo shipping in China helped drag profit at Alexander & Baldwin Inc. down 63 percent last year to $34.2 million from $92.1 million in 2010.

The earnings report released today by Honolulu-based A&B included a $1.6 million profit  in the fourth quarter, which was sharply off the 2010 fourth-quarter profit of $20.2 million.

A&B said its adjusted net income, which excludes operating losses and costs to scale back the China service of subsidiary Matson Navigation Co., was $74.3 million last year compared with $104.2 million the year before. Adjusted net income for the fourth quarter was $4.6 million, down from $31 million in the 2010 fourth quarter.

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