The Maui 10
Who's the county's most powerful player?
August 02, 2007
|4||3||Alexander & Baldwin|
|6||5||Maui Land & Pineapple Co.|
|9||9||Maui Electric Co.|
|10||10||Wailuku Water Co.|
Hell of an ambiguous time for the good folks at A&B and its many divisions and subsidiaries. According to the July 27, 2007 Honolulu Advertiser, the previous day the company released earnings reports showing that it not only made more money in the three months ending June 30 than the previous quarter last year (74 cents per share vs. 68 cents per share) but more money than even Wall Street analysts predicted (73 cents). Then it's stock plummeted in a big sell-off, dropping $2.02 a share. A&B's Matson Navigation is doing better than ever because of its new shipping service to China—profits rose $14.7 million!—but shipping within Hawaiian waters dropped five percent "due to a decline in automobile and building materials shipments," reported the Advertiser. If that were all, then A&B would balance out and stay at Number 3. But that didn't happen: the company's profits from property sales also fell 59 percent ($6.4 million).
And MLP moves down a notch after its million dollar investment otherwise known as the Hawai`i Superferry visited Maui on July 22. Now the big boat was supposed to arrive on July 21, but company officials delayed its passage because of concerns over storm swell caused by Tropical Depression Cosme. Um, Hawai`i has tropical depressions—and storms—every summer. Are delays like this going to be routine? MTW
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