The Honolulu-based parent of Matson Navigation Co. and A&B-Hawaii Inc. reported profits of $23.1 million, or 51 cents per share, for the July-September period, compared with $10.3 million, or 23 cents, in 1995. Revenue jumped 35 percent, to $333.8 million.

The results were helped by a hefty increase in real estate deals. The company posted $15.3 million in property sales revenue, up more than sixfold from a year earlier. Operating profit from property sales was $8.7 million, compared with $300,000 last year.

Likewise, the company said its food products business recorded a 66 percent increase in revenue, to $139.5 million, due mainly to increased sales of refined sugar products. Operating profit for that segment totaled $11.8 million, compared with a loss of $4.4 million last year.

Despite the improvements, A&B noted some slips.

Operating profit for Matson fell 22 percent, to $20.6 million, even though revenue rose 12 percent, to $168.7 million. The company cited lower interest income, operational problems associated with a new shipping alliance that serves the Guam market and higher longshore wages and overhead costs.

Although the shipper's Hawaii container volume was virtually unchanged from a year earlier, auto shipments fell 25 percent.

John Couch, A&B's chairman, said he was pleased nonetheless with the big picture.

"Taken together, the quarter's improved results are encouraging," he said. But he said Hawaii's slowly recovering economy and depressed construction market still present major challenges.