Alexander & Baldwin reports $6.6 million profit
Local diversified real estate and road paving company Alexander & Baldwin Inc. earned $6.6 million in the third quarter compared with a $1.4 million year-earlier loss.
Revenue rose 8 percent to $111.5 million in the quarter from $102.9 million in the same period last year.
The Honolulu-based company, which reported the financial results today for the three months ended Sept. 30, indicated that its commercial real estate leasing portfolio comprised largely of retail properties statewide contributed most to the profit.
Two other segments of the company — land development and sales, and rock quarry and road paving subsidiary Grace Pacific — also had improved results that contributed to A&B’s positive bottom line.
In last year’s third quarter, the winding down of A&B’s sugar cane plantation Hawaiian Commercial & Sugar Co. on Maui resulted in a $13.6 million after-tax operating loss that pulled the company’s earnings into the red. HC&S closed in December.