Alexander & Baldwin Inc. said it’s net income shrunk substantially last year amid Hawaiçi’s battered local economy, falling 67 percent to $44.2 million compared with $132.4 million in 2008.

Much of the decline occurred in the first three quarters of the year. A&B’s net income in the fourth quarter was $20.1 million, down 16 percent from $23.9 million in the same quarter a year earlier.
A&B, which released its earnings report today, said the modest profit was hard earned given the difficult economy that has affected the company’s operations concentrated in ocean transportation, real estate and agriculture.