Honolulu-based Alexander & Baldwin recently reported profit in the third quarter was $13.4 million, jumping more than 200 percent from $4.4 million in the third quarter of 2011.
However, profit in the first nine months of 2012 was just $11.8 million, plummeting 55.5 percent from $26.5 million during the same period last year.
Quarterly revenue was $92.9 million, a 50.1 percent increase year-over-year from $61.9 million. Revenue from January to September was $206.8 million, up from $181.1 million in the first nine months of 2011.
Financial performance improved significantly over last year’s third quarter primarily because of increases in leasing and agribusiness results and value-creating investments and sales, according to Stanley M. Kuriyama, A&B’s chairman and CEO.