HONOLULU (AP) — Matson Inc. is reporting slow profits for the second quarter of the year and company officials say molasses is to blame. HONOLULU (AP) — Matson Inc. is reporting slow profits for the second quarter of the year
HONOLULU (AP) — Matson Inc. is reporting slow profits for the second quarter of the year and company officials say molasses is to blame.
On Tuesday, the ocean cargo transportation firm reported its net income for the three months ended June 30 was $9.9 million, down from $18.1 million in the same quarter last year. Revenue was $447.6 million, up from $436.4 million in the same period.
Officials say the drop in profit is because of its acquisition of Alaska shipping operations from Horizon Lines Inc., and $11.4 million in costs for resolving claims in connection to the 1,400 tons of molasses the company spilled into Honolulu Harbor in 2013.
