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MATSON Navigation's parent company, Alexander & Baldwin, has announced that Matson operating profit fell 23 per cent year on year to US$24.2 million in the third quarter ending September 30.
Matson's revenue decreased 14 per cent to $234.2 million from $272.8 million in the same quarter last year. Container volume fell 12 per cent from Hawaii, three per cent from Guam trade, but increased one per cent from China. Car volume to Hawaii fell three per cent. Matson network utilisation rates were near 90 per cent, said the company.
The Hawaii container volume continued to be dampened by the global downturn while car movements suffered from ill-timed rental fleet replacement. China volume was up slightly because of an addition of Xiamen to the Jones Act carrier's port calls.
Matson Integrated Logistics suffered a 57 per cent fall in quarterly profit of $2.2 million on revenues of $82.3 million, a 30 per cent year on year drop. |
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