By Karen Robes Meeks
Honolulu-based Matson, Inc. posted a net income of $3.8 million for the quarter ending on March 31 and a consolidated revenue of $513.9 million, the company announced this week.
That’s compared to the same time last year, when it reported a net income of $12.5 million and a consolidated revenue of $532.4 million for the first quarter 2019.
Matson’s Chairman and CEO Matt Cox said that Matson’s businesses performed well in the first quarter, but this was prior to seeing most of the impacts from the evolving COVID-19 situation. “Our China service returned to normal volume levels in March, slightly ahead of our expectation, and we saw relatively steady volume in our Hawaii, Alaska and Guam tradelanes as consumers bought essential goods and home food,” he said. “But we also faced challenges at SSAT and in our Logistics business segment due to the COVID-19 situation.”
Cox also said that Matson’s Hawaii, Guam and Alaska tradelanes are facing dramatically reduced tourism, and “each of our business lines is faced with an economic backdrop of increasing uncertainties regarding the COVID-19 pandemic.”
“Regardless, we remain focused on safeguarding the health and safety of our employees and maintaining our best-in-class vessel on-time performance to provide a high-quality service to our customers and the communities that count on us during this difficult time,” he said. “We are also focused on ensuring Matson has adequate financial liquidity, and our most recent debt agreement amendments provide the necessary headroom for us to manage through the economic