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Matson’s rates for China service, lower fuel costs and reduced legal expenses boosted profits.
Matson Inc. earned a $25 million first-quarter profit that far eclipsed net income for the 3-month period in the prior two years since the company was split off from Alexander & Baldwin Inc.
The Honolulu-based ocean cargo transportation company said its strong financial results were due to improved performance in its Hawaii, Guam and China shipping routes along with land-based cargo services and lower fuel prices.
“Our businesses are performing well,” Matt Cox, Matson’s president and CEO, said in a statement announcing the earnings.
In last year’s first quarter, the company earned $3.4 million. Net profit for the same quarter in 2013 was $9.1 million. Quarters before that are not comparable because Matson was still a subsidiary of A&B until July 2012.
