Alexander & Baldwin Reports Net Income of $15.9 Million for Q3 2023
The Hawaii-based company records operating revenue of $52.5 million in the third quarter.
Alexander & Baldwin, Inc. (ALEX) and its subsidiaries have released their financial results for the third quarter of 2023, showing a net income of $15.9 million. The company, which operates in the Commercial Real Estate and Land Operations sectors, reported operating revenue of $52.5 million for the same period. These results are unaudited and reflect the company's continued efforts to navigate the ever-evolving real estate market and related industries.
Commercial Real Estate Revenue Grows
In the third quarter of 2023, A&B's Commercial Real Estate segment generated $48.2 million in operating revenue, demonstrating growth compared to the $46.5 million reported in the same period of 2022. This increase in revenue aligns with the company's continued focus on enhancing its real estate portfolio.
The Commercial Real Estate segment also reported an operating profit of $20.6 million for Q3 2023, compared to $20.3 million in the previous year. The operating profit margin remained strong, reflecting the company's effective management and commitment to delivering value to its shareholders.
