Third-quarter profit at Alexander & Baldwin Inc. sank 77 percent as reduced real estate sales, lower shipping activity and expanded losses in agribusiness hurt earnings for the Honolulu-based company.

A&B reported net income of $8.5 million, or 21 cents per diluted share, in the three months ended Sept. 30, compared with $36.8 million, or 89 cents per diluted share, in the same period last year.
Revenue was $375.9 million vs. $456.2 million in the comparable quarters.
The company, which operates subsidiaries including Matson Navigation Co., A&B Properties, Hawaiian Commercial & Sugar Co. and Kauai Coffee Co., said efforts it has previously made to reduce costs are paying off, and that business is on solid financial ground.
Last week, A&B’s board of directors approved a dividend of 31.5 cents per share payable on Dec. 3 to shareholders of record as of the close of business on Nov. 5.