Difficulties producing and shipping sugar pulled down net income for Alexander & Baldwin Inc. in the third quarter, the company announced today.
Honolulu-based A&B reported a $7 million profit in the three months ended Sept. 30, down 34 percent from a $10.8 million profit in the same period last year.
Revenue slipped 6 percent to $144.7 million from $153.4 million in the same period.
The company said its divisions outside farming — real estate leasing and development as well as asphalt paving — performed well. But agribusiness operations, mainly represented by the Hawaiian Commercial & Sugar Co. on Maui, suffered a $9 million operating loss.
“With the exception of our agribusiness segment, operating performance in the third quarter was solid,” Stan Kuriyama, A&B chairman and CEO, said in a statement.