Increased revenues at Alexander & Baldwin's Maui-based sugar subsidiary helped triple the company's overall profits for the three months ending Sept. 30.
Alexander & Baldwin Inc. reported a $13.4 million profit on $92.9 million in total revenue for the quarter, up from a $4.4 million profit on revenues of $61.9 million during the third quarter of 2011.
Revenues from Hawaiian Commercial & Sugar Co. jumped 83 percent to $67.9 million for the quarter. The sugar entity's profits more than doubled to $9.1 million.
Article Photos
Sugar cane is unloaded at Puunene Mill on Thursday afternoon. Revenues from Hawaiian Commercial & Sugar Co. jumped 83 percent to $67.9 million for the third quarter.
The Maui News / MATTHEW THAYER photo
While sugar production was up just 5 percent to 74,300 tons, the company attributed the quarter's strong performance to higher sales because an added shipment was made during the recent quarter.
That allowed HC&S to sell almost twice as much bulk raw sugar over the same time period last year - from 36,300 tons to 72,400 tons.
Molasses revenue was also higher in the third quarter, the company said.
In its real estate division, Alexander & Baldwin reported an 11 percent boost in leasing profits to $10.2 million for the quarter.
Meanwhile, its real estate development and sales operations saw a slight drop in profits to $4.4 million. Revenue in that category was $8.4 million, most of it from the sale of agricultural lands on Maui, the company said.
"Financial performance improved significantly over last year's third quarter as we experienced meaningful increases in leasing and agribusiness results and recognized a $7.3 million gain on the sale of a 286-acre agricultural parcel on Maui," Stanley Kuriyama, A&B chairman and chief executive officer, said in a statement.
