Hawaiian Electric Industries Inc.’s earnings fell 12 percent in the second quarter as its utilities saw a decrease in profits compared with the same period the year before.
HEI, parent company of American Savings Bank and three major electrical utilities in the state, said today its second-quarter earnings fell to $38.7 million, or 36 cents a share, compared with $44.1 million, or 41 cents a share, in the second quarter 2016. HEI’s revenue increased to $632 million, from $566 million in the same period of 2016.
Profit for HEI’s utility subsidiaries, collectively referred to as Hawaiian Electric Co., fell to $25.6 million in the second quarter, compared with $35.9 million in year-earlier period.
Higher operation and maintenance expenses as well as increasing investments in connecting more renewable energy to the utilities’ grids were partly responsible for the decrease in profits.
“Our utilities continue to bring more renewable resources online, strengthen our energy delivery networks to make them more reliable and resilient and promote sustainable communities,” said Constance Lau, HEI president and chief executive officer, in a news release.