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Business Briefs

For Tuesday, October 19, 2010

By Star-Advertiser Staff and News Services

POSTED:


Electric rates fall on Oahu and Kauai

Residential electricity rates fell in October on Oahu and Kauai but rose on the Big Island and Maui.

Hawaiian Electric Co. said the typical customer on Oahu using 600 kilowatt-hours will pay $158.29 in October, compared with $160.74 in August.

The effective rate for electricity on Oahu fell to 24.00086 cents per kilowatt-hour from the 25.27 cents charged last month.

Elsewhere:

» Kauai Island Utility Cooperative's October rate is 34.32 cents, down from 34.74 cents last month.

» Maui customers will see their rates rise to 29.29 cents from 25.62 cents in September.

» Big Island residential rates will rise to 33.74 cents per kilowatt-hour from 32.83 cents.

The rates are adjusted each month to account for movements in fuel prices and do not represent changes to the base rate.

Lagging iPad sales drag down Apple

SEATTLE » Apple Inc. said net income for the most recent quarter soared 70 percent on strong sales of iPhones, though iPad sales fell short of expectations. Shares fell in after-hours trading. Apple's stock had been breaking through record-high prices for more than a week on high hopes for the iPad. Apple sold 4.2 million of its new tablet-style computer during the fiscal fourth quarter, fewer than the approximately 5 million that analysts, on average, had expected.

The company sold 14.1 million iPhones from July through September, more than the 12 million or so analysts predicted. Apple's net income rose to $4.3 billion, or $4.64 per share, from $2.5 billion, or $2.77 per share, in the same period last year. Revenue jumped 67 percent to $20.3 billion from $12.2 billion last year.

Shares of Apple, which is based on Cupertino, Calif., plunged $18.07, or 5.7 percent, to $299.93 in extended trading after the release of results. In the regular session earlier, the stock rose $3.25, or 1 percent, to $317.99.

Preschool toys key to Hasbro's rise

NEW YORK » Shares of toy maker Hasbro hit an all-time high yesterday after it said strength in its preschool toys helped third-quarter net income rise 3 percent and beat expectations.

Lower entertainment revenue was offset by strength across many brands, including Nerf, Magic the Gathering and Playskool. The strong showing is in contrast to rival Mattel Inc.'s third-quarter results, reported Friday. Mattel's net income rose 23 percent, but revenue missed expectations because of cautious retail ordering and continued weakness at its Fisher Price unit. Mattel's shares lost 7 percent on Friday.

Hasbro shares rose $1.73, or 3.8 percent, to $46.81, peaking earlier at a record high of $48.78. The stock had traded between $26.82 and $46.57 during the past 52 weeks.

Citigroup posts third straight profit

NEW YORK » Citigroup Inc., one of the worst-hit banks during the financial crisis, posted its third straight quarterly profit in a sign that major banks and their customers are starting to find their footing.

The New York bank, which is still 12 percent owned by the government, earned $2.15 billion, or 7 cents per share, in the three months ending in September. The results beat analysts' expectations by a penny. During the same period last year, the bank posted a loss of $3.24 billion, or 27 cents per share. Citi's shares rose 22 cents, or 5.6 percent, to $4.17.

ON THE MOVE

Maui Medical Group has appointed the following new providers:

» Dr. Daniel Brandt to rheumatology. He is the only rheumatologist on Maui.

» Nicole Marie Brashear, nurse practitioner, to obstetrics. She specializes in OB/GYN, family planning, minor gynecological problems and preventive care for women.

Hawaiian Legacy Hardwoods has announced Tiffany McCormick Potter as a senior consultant for eco-asset management program. Her experience includes work as a supervisory field biologist for the U.S. Department of the Interior.

Audrey Hutton has been awarded the National Association of Realtors Green Designation, which is the only green real estate professional designation recognized by NAR. Hutton is a Realtor for McGhin & Co.

Factories cool production

WASHINGTON » Sluggish spending by businesses and consumers is causing factories to cool their production after they helped lift the economy out of recession. Companies have slowed their rebuilding of stockpiles and replacement of worn-out equipment. And consumers are cautiously spending at a time of 9.6 percent unemployment and slow job growth.

That combination led to the first decline in output at the nation's mines, factories and utilities since the recession ended in June 2009.






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