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Matson Q3 profit below market expectation, plunging nearly 40pc to US$25m

THE Hawaii containership and conro owner Matson has delivered a third-quarter profit of US$25 million, which was 39.8 per cent lower than the same period of last year.

Matson Q3 profit below market expectation, plunging nearly 40pc to US$25m

THE Hawaii containership and conro owner Matson has delivered a third-quarter profit of US$25 million, which was 39.8 per cent lower than the same period of last year.

Matson Q3 profit below market expectation, plunging nearly 40pc to US$25m
15 November 2016 - 18:34

Matson Q3 profit below market expectation, plunging nearly 40pc to US$25m
THE Hawaii containership and conro owner Matson has delivered a third-quarter profit of US$25 million, which was 39.8 per cent lower than the same period of last year.
Revenue dropped 8.1 per cent to $500 million, which was also above the average analyst estimate of $482 million, according to TradeWinds.
The company's core ocean transportation division delivered operating income of $42.7 million, a 38 per cent slump from the same period of last year.
The company's chief executive Matt Cox said the quarter's result was below New York-listed Matson's own expectations.
"In Hawaii, there was a lull in container volume following healthy market growth in the first half of the year," he said. "In Alaska, energy sector-related macroeconomic headwinds and a lower seafood harvest drove Matson's container volume below our expected levels."
But Mr Cox said the company was encouraged by the performance of its China and Guam services.
Looking forward, Matson expects fourth-quarter operating income to slump in its ocean transportation business to 15 per cent below the $43.6 million earned in the same period of 2015.
The company expects Hawaii container volumes to show a decline in the fourth quarter compared to a year earlier, but it's China service should show volume gains. Alaska should remain flat thanks to "muted economic activity".
The quarter's numbers fuelled a decline in nine-month earnings, which dropped to $61.1 million from $76.4 million a year ago.

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