Matson Inc. earned a far smaller profit in the second quarter compared with a year earlier, primarily due to lower shipping volume and freight rates in its China service, while business also declined in Hawaii.

Honolulu-based Matson, the largest ocean cargo transportation firm serving the state, announced Tuesday that it earned $80.8 million in the three months ended June 30, down from $380.7 million in the same quarter of 2022.

Revenue during the recent quarter totaled $773.4 million, down from $1.26 billion a year earlier.

Matt Cox, Matson chairman and CEO, said in a statement that the company performed well despite a challenging business environment and sluggish economic growth during the recent quarter.

The company reported a 24.6% drop in China cargo volume primarily due to the discontinuation of its China-California Express (Shanghai-Long Beach­-Oakland) service, which operated in the second quarter of 2022 but ceased in the third quarter. Also, Matson said its China business was negatively affected by dry-dock work on its Daniel K. Inouye vessel and one less sailing in the recent quarter.

Hawaii cargo volume for Matson declined 7.1% in the year-over-year period primarily due to lower retail-related business, the company said.

“During the quarter, the company saw retail customers continue to manage inventories to weaker consumer demand levels despite continued economic growth in Hawaii supported by a low unemployment rate and relatively strong visitor arrivals,” Matson said in its financial report.

Cargo volume also decreased in Matson’s other two major areas of operation, falling 7.2% in Alaska and 7.5% on Guam.