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Matson Q2 profit falls 2.2pc to US$35.7 million, revenue up 4.7pc

JONES Act carrier Matson has posted a 2.2 per cent decline in second quarter operating profit to US$35.7 million, drawn on revenues of $436.4 million, up 4.7 per cent.

Matson Q2 profit falls 2.2pc to US$35.7 million, revenue up 4.7pc
03 August 2014 - 21:01

Matson Q2 profit falls 2.2pc to US$35.7 million, revenue up 4.7pc

JONES Act carrier Matson has posted a 2.2 per cent decline in second quarter operating profit to US$35.7 million, drawn on revenues of $436.4 million, up 4.7 per cent.

For the six-month period ending June 30, Matson reported net income of $21.5 million drawn on revenues of $828.9 million, a decline of 2.1 per cent.

"We had another solid quarter, benefitting from higher freight yields in our major trade lanes, improved lift volumes and continuing improvements at logistics," said Matson president and CEO Matt Cox.

"However, these benefits were offset by lower Hawaii container volume, increased vessel operating expenses stemming from vessel relief activities, and increased terminal handling expenses," he said.

"Our operating platform continues to generate significant cash flow that positions us well to fund our fleet renewal programme, undertake new growth opportunities and grow our dividend incrementally," said Mr Cox.

For the second half, the Honolulu company expects growth in the Hawaii trade to continue, with volumes expected to be flat to slightly up year on year, said a company statement. 

"A competitor is expected to launch new containership capacity into the Hawaii trade late in 2014 and therefore is not expected to have any material impact on the company's volume for the remainder of the year," the statement said. 

"In the China trade, overcapacity is expected to continue, with vessel deliveries outpacing demand growth. However, the company expects to maintain its volume and average freight rates with high vessel utilisation," it said.

In logistics, Matson expects operating income to be near or slightly higher than comparable 2013 levels, and therefore expects operating income to modestly exceed the full year 2013 level of $6 million. 

For the second quarter 2014 compared with 2013, Hawaii container volume decreased 2.5 per cent mostly because of lower eastbound freight. China volume increased reflecting high utilistion and demand for Matson's premium expedited service.

Guam volume increased modestly due to timing of shipments; and Micronesia/South Pacific volume increased 29.2 per cent due to reconfiguration of the South Pacific service. The Hawaii auto trade was down 15.5 per cent. 

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