Alexander & Baldwin Inc. maintained a modest profit in the first quarter, though it was down 27 percent from the same period last year largely because of reduced real estate sales.

The Honolulu-based company today reported earning $3.8 million, or 9 cents per diluted share, in the January-March period, compared with $5.2 million, or 12 cents a share a year earlier.

Revenue totaled $405 million in the recent quarter, up from $373.3 million a year ago.

Real estate generated most of the company’s operating profit in the quarter — $11.6 million, which was down from $22.6 million in the year-ago quarter.

Ocean transportation, primarily the operations of subsidiary Matson Navigation Co., contributed $5.9 million in operating profit in the quarter, which compared with an operating loss of $7.4 million a year earlier.

Agribusiness, which includes sugar production on Maui, represented $3.5 million in operating profit in the quarter, up from $2.6 million a year ago.

A&B plans to separate Matson into a stand-alone company in the third quarter, and said plans are proceeding on schedule.