Matson gets boost from second China string
Matson Line saw revenue and operating profit climb in 2010 as it added a second string of ships between China and the United States.
Matson’s parent company, Alexander & Baldwin, in reporting its 2010 results said the carrier had revenue of $1 billion in 2010, 18 percent more than in 2009. Operating profit was $99.4 million, up 70 percent. While Hawaii volumes were about flat and automobile shipments down 2 percent, container volumes in its Guam service rose 8 percent and China service jumped 56 percent.
The company’s intermodal business revenue for the year was $355.6 million, 11 percent more than in 2009, and operating profit was $7.2 million, up 7 percent.
Alexander and Baldwin, which also has interests in agriculture and real estate, had overall revenue of $1.6 billion in 2010 compared with $1.4 billion in 2009. Net profit was $92.1 million in 2010 compared to $44.2 million in 2009.