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Matson 12pc profit decline attributed to false claim court settlement
HAWAII's Matson Shipping has posted a 12 per cent year-on-year drop in fourth quarter profit in 2013 to US$7.3 million, drawn on quarterly revenues of $410.9 million, down 3.1 per cent
The profit plunge was attributed to a $9.95 million settlement of a federal 2010 false-claim lawsuit that accused the carrier of item under the False Claims Act related to surcharges to the Pentagon on military and household goods.
Full year, Matson posted a 16.9 per cent year on year profit increase to $53.7 million, drawn on revenues of $1.64 billion, up 0.09 per cent.
In June 2013, the company was one of several defendants in a suit brought by the US Government, which alleged that Matson and several forwarders improperly charged the Department of Defence for fuel surcharges on the shipment of military and household goods.
Said Matson president Matt Cox: "Excluding the litigation charge, our operating income results were in line with our outlook, as we had another solid quarter of core operational performance driven by continued stability in our ocean transportation business and marked improvement in our logistics unit warehouse operations."
The profit plunge was attributed to a $9.95 million settlement of a federal 2010 false-claim lawsuit that accused the carrier of item under the False Claims Act related to surcharges to the Pentagon on military and household goods.
Full year, Matson posted a 16.9 per cent year on year profit increase to $53.7 million, drawn on revenues of $1.64 billion, up 0.09 per cent.
In June 2013, the company was one of several defendants in a suit brought by the US Government, which alleged that Matson and several forwarders improperly charged the Department of Defence for fuel surcharges on the shipment of military and household goods.
Said Matson president Matt Cox: "Excluding the litigation charge, our operating income results were in line with our outlook, as we had another solid quarter of core operational performance driven by continued stability in our ocean transportation business and marked improvement in our logistics unit warehouse operations."
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