Revenue was up but profits were down last year for Honolulu-based Alexander & Baldwin Inc.

The company today reported $132.4 million in net income, down 7 percent from $142.2 million a year earlier.

Per diluted share of stock, net profit was $3.19 last year, down from $3.30 a year earlier.

The diversified company with assets that include Matson Navigation Co., Hawaiian Commercial & Sugar Co., Kaua'i Coffee Co. and major real estate in Hawai'i and on the Mainland said revenue last year totaled $1.9 billion compared with $1.67 billion a year earlier.

Allen Doane, A&B chairman and CEO, said in a statement that many markets served by the company experienced an economic slowdown last year, but strong real estate deals largely in the first half of last year as well as increased efficiency at Matson resulted in the modest net income decline.

"We are pleased by this performance, but we recognize that our 2009 earnings prospects have been diminished," he said. "As a result, we will continue to take all necessary measures — cost containment and expense reduction, deferral of non-essential capital projects, preservation of cash, shoring up of our liquidity sources — to preserve our financial strength. The actions we are taking will give us the flexibility to capitalize on attractive opportunities as they arise, while remaining committed to a strong financial footing."