POSTED: 12:01 p.m. HST, Nov 01, 2010
LAST UPDATED: 12:49 p.m. HST, Nov 01, 2010
Hawaiian Electric Industries Inc. said its third-quarter profits edged lower as a drop in electricity sales at its utility subsidiary more than offset gains at its banking unit.
HEI reported net income of $32.4 million, or 35 cents a share during the July-through-September period, down 3.3 percent from $33.5, or 37 cents a share during the same quarter a year earlier.
“Although earnings were down for the quarter primarily to weather-driven declines in utility sales, we were pleased that we realized significant benefits from our ongoing focus on cost efficiencies at both operating companies and that our bank’s earnings increased over the same quarter last year,” Constance Lau, president and chief executive officer said.
Net income for HEI’s electric utilities fell 17 percent to $22 million in the third quarter from $26.5 million a year earlier. The primary driver there was a $4 million decline in kilowatt hour sales and a $4 million increase in operations and maintenance, according to the release.
Net income at American Savings Bank rose 44.2 percent to $15.3 million from $11.3 million a year earlier.