Hawaii Telecom profits down 77 percent

HONOLULU (AP) - Hawaiian Telecom Holdco, Inc. announced that second quarter profits dropped 77 percent.

The Honolulu Star-Advertiser reports that the state's largest phone company announced Tuesday that income for the second quarter was $500,000, down from $2.2 million in the second quarter of 2014.

Hawaiian Telecom officials say the decrease in profit is because of significant investments in the company's broadband network.

The company saw a 9.6 percent drop in land-line business from a year earlier, but is seeing growth in video and high-speed Internet revenue. Consumer revenue increased 4.2 percent year-over-year to $37.9 million