More than 300 condominium sales in a new tower in Kakaako bolstered first-quarter profit for Alexander & Baldwin Inc., though an even bigger real estate sale early last year made the recent earnings look comparatively unexceptional.

Honolulu-based A&B reported Thursday that it earned $25.3 million in the first three months of this year, down 40 percent from $35.4 million from the same period last year.

A&B noted that the year-ago profit was boosted by its sale of Maui Mall for $53 million in a deal that drove most of its earnings for that period.

Two years ago, A&B’s first-quarter profit was $5 million.

In this year’s first quarter, A&B said it sold 328 units at its Waihonua at Kewalo tower that was completed late last year. The company also said earnings were driven by better results from commercial property leasing and its road paving subsidiary Grace Pacific, along with positive but lower operating income from its Maui sugar plantation Hawaiian Commercial & Sugar Co.

“The Company performed well in the first quarter with all segments contributing to strong overall results,” Stan Kuriyama, A&B chairman and CEO, said in a statement.