Tesoro reports profits up 54 percent
San Antonio, Texas-based Tesoro Corp. yesterday said first-quarter profits rose 54 percent to $43 million, or 61 cents a share, versus $28 million, or 40 cents a share a year earlier.
Revenues rose 22 percent to nearly $3.9 billion.
Gross refining margin for the company's Hawai'i operation fell to $3.23 a barrel from the $8.56 a barrel posted for the preceding quarter.
HOKU SCIENTIFIC BOOSTS SALES 90 PERCENT
Kapolei-based Hoku Scientific Inc. yesterday said sales for the year ended March 31 rose 90 percent to $5.5 million. The maker of fuel-cell membranes earned $1.3 million, or 9 cents a share on a diluted basis, versus a year-ago loss of $728,000, or 13 cents a share on a diluted basis. Hoku said it expects revenues of $5 million to $7 million during the current fiscal year.
STATE AGENCY NAMES DIRECTOR
Yuka Nagashima yesterday was named executive director for the High Technology Development Corporation, the state agency that runs business incubation centers. Nagashima, co-founder of LavaNet Inc. and Tiki Technologies, will begin at HTDC on July 3.
HTDC's former director, Phil Bossert, has joined Yoee, an online company that specializes in travel to China.