Alexander & Baldwin posts $20.1M in 4th quarter profit, down from same period in 2008

A&B posts $20.1M in 4th quarter, down from 2008

HONOLULU — Alexander & Baldwin Inc. is reporting its net income for the fourth quarter of 2009 was $20.1 million, or $0.49 per diluted share.

That’s down from a net income in the fourth quarter of 2008 of $23.9 million, or $0.58 per diluted share.

Revenue for the last quarter was $365 million, compared to revenue of $395.4 million in the same period of 2008.

The company said Wednesday that its net income for all of 2009 was $44.2 million, or $1.08 per diluted share. Net income in 2008 was $132.4 million, or $3.19 per diluted share.

A&B had revenue of $1.4 billion last year, compared with $1.8 billion in 2008.

Company President and CEO Stan Kuriyama says the 2009 profit was “hard-earned in a very difficult operating environment” for all of A&B’s lines of business.