Matson profit climbed 82 percent in 2nd quarter
STAR-ADVERTISER / AUGUST 2012
Higher demand for shipping goods to Hawaii helped Matson Inc. improve its net income in the second quarter over a year earlier, but the gain mostly reflected anabnormally low profit in the year-ago period.
Higher demand for shipping goods to Hawaii helped Matson Inc. improve its net income in the second quarter over a year earlier, but the gain mostly reflected an abnormally low profit in the year-ago period.
Hawaii’s largest ocean cargo transportation company announced today that it earned $18 million in the three months ended June 30, up 82 percent from $9.9 million in the same period last year.
The company said its profit in the 2015 second quarter was hurt by $11.4 million in costs for settling state claims over a 2013 molasses spill into Honolulu Harbor and $13.5 million in higher-than-anticipated expenses related to its purchase of Horizon Lines Inc. operations in Alaska.
In the second quarter of 2014, Matson’s profit was nearly identical to the recent quarter — $18.1 million.
“Matson’s core businesses delivered operating results and cash flows in the second quarter in line with our expectations,” Matt Cox, company president and CEO, said in a statement.
3 responses to “Matson profit climbed 82 percent in 2nd quarter”
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So happy to see this while we all continued to be reamed in the brown eye
Hurray for the Jones Act keeping Hawaii more expensive.
Thanks to a rate increase that has resulted in higher prices for goods such as produce and meats Matson fields higher profits. Thanks for nothing…