Hawaiian Electric Industries posts higher profit - Hawaii News Now - KGMB and KHNL

Hawaiian Electric Industries posts higher profit

By Howard Dicus - bio | email

HONOLULU (HawaiiNewsNow) - Hawaiian Electric Industries, parent of the Oahu, Maui and Big Island electric utilities as well as American Savings Bank, posted a $29.3 million second quarter profit Monday.

That was almost double the net income of $15.5 million booked last year at the same time, reflecting utility rate hikes and cheaper credit for the banking division, which improved its operating profit despite 5% lower revenue.

Operating margin for the parent company improved from almost 7% to almost 10%.

"Lower credit costs and lower operating expenses at our banking operations were mainly responsible for the improvement in our second quarter results," said HEI CEO Connie Lau. "At the utility, we are seeing modest recovery from a long period of under-earning our authorized rates of return."

American Savings Bank is the third largest banking institution in Hawaii and HEI also owns Hawaiian Electric Co., Maui Electric Co., and the Big Island's Hawaii Electric Light Company.

Copyright 2010 by HawaiiNewsNow. All rights reserved.

  • Hawaii News Now headlinesNewsMore>>

  • Some turned away from over-capacity grad ceremony at UH

    Some turned away from over-capacity grad ceremony at UH

    Sunday, December 17 2017 1:16 AM EST2017-12-17 06:16:54 GMT
    (Image: Hawaii News Now)(Image: Hawaii News Now)

    Clad in their green academic gowns and fancy caps, nearly 1,000 UH Manoa students walked the stage at Stan Sheriff Center on Saturday for the University's Mid-Year Commencement Ceremony. 

    More >>

    Clad in their green academic gowns and fancy caps, nearly 1,000 UH Manoa students walked the stage at Stan Sheriff Center on Saturday for the University's Mid-Year Commencement Ceremony. 

    More >>
  • Six Hawaii post offices to be open this Sunday

    Six Hawaii post offices to be open this Sunday

    Sunday, December 17 2017 1:08 AM EST2017-12-17 06:08:01 GMT
    (Image: Hawaii News Now)(Image: Hawaii News Now)

    HONOLULU, Hawaii – The Postal Service announced that the following six Oahu Post Offices will be open from 10 a.m. to 2 p.m. this Sunday to serve its seasonal increase in holiday customers. - Airport (Main) Post Office - Ala Moana Post Office - Kaneohe Post Office - Mililani Post Office - Waialae Kahala Post Office - Waipahu Post Office Postal officials expect Dec...

    More >>

    HONOLULU, Hawaii – The Postal Service announced that the following six Oahu Post Offices will be open from 10 a.m. to 2 p.m. this Sunday to serve its seasonal increase in holiday customers. - Airport (Main) Post Office - Ala Moana Post Office - Kaneohe Post Office - Mililani Post Office - Waialae Kahala Post Office - Waipahu Post Office Postal officials expect Dec...

    More >>
  • N. Korea unmoved as world unites against its nuke ambitions

    N. Korea unmoved as world unites against its nuke ambitions

    Friday, December 15 2017 5:35 PM EST2017-12-15 22:35:55 GMT
    Sunday, December 17 2017 12:11 AM EST2017-12-17 05:11:12 GMT
    North Korea's friends and enemies joined forces Friday in opposing its determination to be recognized as a nuclear weapons state and calling on leader Kim Jong Un to negotiate the denuclearization of the Korean...More >>
    North Korea's friends and enemies joined forces Friday in opposing its determination to be recognized as a nuclear weapons state and calling on leader Kim Jong Un to negotiate the denuclearization of the Korean Peninsula.More >>
Powered by Frankly