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The Honolulu Advertiser

Posted at 11:46 a.m., Wednesday, November 1, 2006

Hawaiian Electric quarterly profit drops from year ago

Advertiser Staff

Hawaiian Electric Industries Inc., parent of the state's largest electric utilities and American Savings Bank, said net income fell to $32.3 million in the three months ended Sept. 30 primarily because of lower investment gains.

A year earlier it had a profit of $37.5 million in the third quarter.

The company reported kilowatthour sales increased by 0.2 percent, while its bank paid higher deposit rates because of increased competition.

Hawaiian Electric Industries Inc.'s board of directors declared a quarterly cash dividend of 31 cents a share.

The dividend will be payable Dec. 12 to shareholders of record at the close of business on Nov. 15. HEI said it intends to keep the dividend at the current $1.24 per year level for the foreseeable future.