Difficulties from sugar cane farming cut profits roughly in half last year at Alexander & Baldwin Inc., the company reported today.
Honolulu-based A&B said it earned $29.6 million in 2015, down from $61.4 million the year before.
The company said its Maui sugar plantation subsidiary, Hawaiian Commercial & Sugar Co., was the principal driver of a $33.9 million operating loss in A&B’s agriculture division that also includes land leased to a coffee farm on Kauai and other smaller enterprises.
A&B generated operating profits from all its other divisions — leasing commercial real estate, developing residential real estate and its road paving and quarry operation Grace Pacific.
“Aside from the challenges in our sugar operation, our company performed well in 2015,” Chris Benjamin, A&B’s president and CEO, said in a statement.
Revenue last year totaled $570.5 million, up from $560 million the year before.