Alexander & Baldwin has reported net income for 2005 of US$126m, up 25% year-on-year, or $2.86 per diluted share. Revenue for the 2005 full year was $1.6bn. Fourth quarter net income was also up by 25% from $18.7m in 2004 to $23.4m, or 42 cents per diluted share, in 2005.
A&B has ocean transportation, real estate and food products interests. The company produces sugar and coffee products in Hawaii.
Fourth quarter 2005 food products revenue of $34m was $1.8m, or 6%, higher than in 2004. Food products operating profit of $2m was $0.7m greater than the $1.3m operating profit in the fourth quarter of 2004.
The company attributed increases to higher power sales and molasses prices, and a smaller charge during the fourth quarter of 2005 than in 2004 to reduce the carrying value of coffee inventories to fair market value. These factors were partially offset by lower margins on raw sugar sales due to lower sales volume and prices.
“2005 was a benchmark year,” said Allen Doane, president and chief executive officer of A&B. “Food products operating profit doubled, thanks to a one-time federal payment and increased power sales.”