Alexander & Baldwin, Inc. (ALEX) saw its loss narrow to $0.10 million, or $0.01 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $12.20 million, or $0.29 a share. On an adjusted basis, net profit from continuing operations for the quarter was $27.40 million, when compared with $9.40 million in the last year period.

Revenue during the quarter grew 7.65 percent to $111.20 million from $103.30 million in the previous year period.

Operating income for the quarter was $32.20 million, compared with $33.20 million in the previous year period.

Revenue from real estate activities during the quarter increased 7.65 percent or $7.90 million to $111.20 million. Revenue from sale of real estate was $32.30 million for the quarter, up 96.95 percent or $15.90 million.

Income from operating leases during the quarter went down marginally by 1.51 percent or $0.50 million to $32.70 million.

Revenue from other real estate activities during the quarter was $46.20 million, down 13.97 percent or $7.50 million from year-ago period.

"2016 was a pivotal year in A&B’s 147-year history. As we bade farewell to our sugar operation, we proactively advanced our project pipeline, increased portfolio net operating income (“NOI”), and charted a more focused course forward for the company, with a primary emphasis on Hawaii commercial real estate (“CRE”). To that end, we continued the migration of our commercial properties from the U.S. Mainland to Hawaii with the acquisition of Manoa Marketplace and the sale of three mainland properties; we advanced important redevelopment projects within our Hawaii portfolio, most notably the exciting redevelopment of the Kailua Macy’s into Lau Hala Shops; and we planned a new Safeway-anchored shopping center next to Maui Business Park, which was announced last week. We also announced a comprehensive evaluation of a conversion to a real estate investment trust (“REIT”),” said Chris Benjamin, president & chief executive officer. "Although financial results for the quarter and year were challenged because of the strategic decisions that were made, we are poised for success in 2017 as we complete our REIT evaluation, pursue targeted CRE acquisitions in Hawaii, advance several development projects and our Maui diversified agriculture initiatives, and capitalize on our substantial paving backlog at Grace Pacific."

The company has spent $25.60 million cash to meet investing activities during the year as against cash inflow of $1 million in the last year.

The company has spent $84.70 million cash to carry out financing activities during the year as against cash outgo of $131.60 million in the last year period.

Cash and cash equivalents stood at $2.20 million as on Dec. 31, 2016, up 69.23 percent or $0.90 million from $1.30 million on Dec. 31, 2015.

Total assets declined 3.83 percent or $86 million to $2,156.30 million on Dec. 31, 2016. On the other hand, total liabilities were at $932.30 million as on Dec. 31, 2016, down 7.10 percent or $71.30 million from year-ago.

Return on assets moved up 11 basis points to 0.92 percent in the quarter. Return on equity for the quarter stood at negative 0.01 percent as compared to a negative 0.99 percent for the previous year period.