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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”

  1. SHOPOHOLIC says:

    So happy to see this while we all continued to be reamed in the brown eye

  2. SteveM says:

    Hurray for the Jones Act keeping Hawaii more expensive.

  3. nodaddynotthebelt says:

    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…

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