Alexander & Baldwin Inc. reported Wednesday a $50.9 million loss in the third quarter due to a terrible performance from its road paving and materials subsidiary Grace Pacific.
The loss compared with a $15.6 million profit in the same quarter last year.
A&B said Grace had a $57.9 million operating loss in the three months ended Sept. 30, compared with a $3.4 million operating profit in the same period last year.
Honolulu-based A&B said it is trying to sell Grace, and reduced the goodwill value of the operation by $49.7 million.
A&B’s core business owning and operating shopping centers and other commercial real estate leased to tenants produced a third-quarter operating profit of $18 million, up from $15.9 million a year earlier.
Operating profit from land development and real estate sales was $2.8 million, down from $13.1 million, in the same comparable period.
Total revenue for A&B decreased 25% to $89.1 million in the third quarter from $119.4 million a year earlier.