Select an option below to continue reading this premium story.
Already a Honolulu Star-Advertiser subscriber? Log in now to continue reading.
Hawaiian Electric Industries Inc., the parent company of American Savings Bank and three major electrical utilities in the state, said Friday its first-quarter earnings were up 6 percent from 2016 numbers.
The company reported a profit of $34.2 million, or 31 cents a share, up from $32.2 million, or 30 cents, a share in the first quarter of 2016. Revenue increased 7 percent to $591.5 million from $550.9 million.
“Our utilities continue to be leaders in the transformation to clean energy and we’re making significant upgrades to our grids to make them more resilient, reliable and renewable-ready,” Connie Lau, HEI president and chief executive officer said in a prepared statement.
HEI’s electric utility subsidiaries, Hawaiian Electric Co. on Oahu, Hawaii Electric Light Co. on the Big Island and Maui Electric Co., reported a combined 15 percent decrease in net income for the quarter. The utilities earned a combined $21.5 million, compared to $25.4 million in the first quarter of 2016. HEI’s electric utilities’ revenue increased 7 percent to $518.6 million, from $482.0 million in 2016.
