Business briefs

Advertiser Staff

Mac nut grower trims losses

Hilo-based ML Macadamia Orchards LP yesterday said it lost $95,000 or a penny a share during the quarter ended March 31.

The macadamia nut grower lost $143,000 or 2 cents a share posted in the year-ago period. Losses were shaved by cost cuts and lower interest expenses, the company said.

Quarterly revenues dipped nearly 9 percent to $2.1 million versus $2.3 million in the year-ago quarter.

ML Macadamia shares closed lower by 15 cents at $4.10 on the New York Stock Exchange ahead of the late-day earnings report.

Gas firm, union reach deal

The Gas Company and Hawaii Teamsters and Allied Workers, Local 996 have reached a tentative agreement on a new, 4-year contract for the company's 206 union workers.

Teamsters officials said they will recommend their members ratify the agreement at a meeting later this week.

The tentative agreement provides for a 50 cent per hour increase in wages for the next four years, with the company continuing to cover employee medical benefits with no co-payment but with a contribution cap of $800 per month, according to the union. The Gas Company said the agreement also includes a nearly 8 percent increase in pension benefits.

Outrigger adds to hotel chain

Outrigger Hotels & Resorts is expanding to French Polynesia. Starting July 1, the Hawai'i-based hotel chain will take on management of the 41-unit Te Tiare Beach Resort on the island of Huahine, 120 miles west of Tahiti. Outrigger manages 51 hotels open or under development in Hawai'i, Guam, New Zealand, Australia and the South Pacific.

Navy picks redeveloper

The McNaughton Group will enter exclusive negotiations with the Navy to redevelop the Moanalua Shopping Center area. The property includes a 65,500-square-foot shopping center and several fast food restaurants.

The Navy wants the redeveloped area to consolidate several Navy services, and the developer will decide which retail tenants would occupy the new center.