Posted at 12:45 p.m., Tuesday, January 20, 2004
Business briefs
Advertiser Staff
United Defense to buy businessUnited Defense Industries Inc. said today it will buy the U.S. Navy ship repair business of Honolulu Shipyard Inc. for $16 million.
Arlington, Va.-based United Defense is not acquiring the infrastructure of Honolulu Shipyard, but plans to retain the staff and continue operations at Pearl Harbor as Hawaii Shipyards Inc.
HEI’s quarterly profits rise 42 percent
Hawaiian Electric Industries Inc. today said fourth-quarter profits surged 42 percent on higher electricity sales and the settlement of a securities lawsuit.
For the year, HEI earnings fell 3 percent to $114.18 million, or $3.06 a share, versus $118.22 million, or $3.26 a share, during 2002.
Gains from increased electricity sales partially offset a $23.9 million increase in retirement benefit expenses and $3.1 million in charges relating to a settlement tied to the company’s expansion project at Keahole on the Big Island.
