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Hawaiian Electric Industries Inc., the holding company for the state’s largest utility and American Savings Bank, said Thursday net income for the third quarter was $47.8 million, or 46 cents per share, down from $48.2 million or 48 cents per share in the third quarter of 2013.
Revenue for the utility was $8 million higher compared to the third quarter of 2013.
The drop in net income was due to increased “consulting costs associated with recent regulatory filings, storm restoration expenses and the initial phase of our smart grid installations as part of our grid modernization program,” the company said in a news release.
The report includes the three utilities, Hawaiian Electric Company, Inc. on Oahu, Maui Electric Company, Limited, and Hawaii Electric Light Company, Inc.
American Savings Bank’s net income for the third quarter of 2014 was $13.3 million compared to $15.3 million in the third quarter of 2013.
The decrease was primarily driven by loan losses combined with lower fee income on other financial products and mortgage banking income, said HEI.
