Alexander & Baldwin, Inc., the Hawaii-based group which owns Hawaiian Commercial & Sugar Company and the Kauai Coffee Company, has reported net income for the second quarter of 2006 of US$30.2m, or $0.68 per fully diluted share, up from $29.4m, or $0.66 per fully diluted share, in the second quarter of 2005.


Revenues in the second quarter of 2006 rose to $418.2m from $391.2m in the second quarter of 2005.


“A&B performed well during the second quarter as measured by financial results and by progress on major initiatives,” said A&B’s chairman and CEO Allen Doane. “Improved results in our Real Estate, Logistics and Food Products segments more than offset lower operating profit in our Ocean Transportation segment, where results, as expected, reflected the transition from Matson‘s APL Alliance to the newly launched Guam and China services.


“We are on track for a very good 2006, and remain confident that progress on major real estate development projects and Matson’s trans-Pacific expansion will position the company for even stronger performance in the years to come.”


Net income for the first half of 2006 reached $67.6m, against $67.1m in the first half of 2005, on sales up from $755m to $779.5m.