HONOLULU-based carrier and logistics provider Matson Inc has posted a 9.9 per cent year-on-year second quarter operating profit increase to US$34.3 million, drawn on consolidated revenues of $310 million, up 3.5 per cent.
Matson pre-tax profit up 9.9pc to US$34 million, revenues rise 3.5pc
HONOLULU-based carrier and logistics provider Matson Inc has posted a 9.9 per cent year-on-year second quarter operating profit increase to US$34.3 million, drawn on consolidated revenues of $310 million, up 3.5 per cent.
First half operating profit increased 42.7 per cent to $52.8, drawn on revenues of 607.9 million, up 5.3 per cent.
"We had another solid quarter, driven by continuing strength in our Hawaii trade, modest volume gains in our other trade lanes and a better result in logistics," said Matson CEO Matt Cox.
"These gains were offset by lower freight rates in our China trade, while performance in Guam held steady. Our consolidated earnings were further bolstered by a lower effective tax rate in comparison to the second quarter of 2012," Mr Cox said.
Overall container handling in the first half was up 4.1 per cent on main trades to 162,500 containers, said the company with a 5.4 per cent increase for Haiwai, at 2.4 per cent increase in the China trade and a 71.4 per cent increase in Guam business.
"The modest rate erosion in the China trade is expected to continue for the balance of 2013. Guam trade volume rose slightly in the quarter due to the timing of select shipments. However, little if any full year growth in Guam is expected," said the company statement.
