Updated at 11:53 a.m., Monday, August 6, 2007
Lower utility, bank earnings hurt HEI's profitability
Advertiser Staff
Hawaiian Electric Industries Inc. earned $17.5 million, or 21 cents per share in the second quarter, down from $27.2 million, or 34 cents per share for the second quarter of 2006.The company's Hawaiian Electric Co. subsidiary earned $10.7 million in the second quarter compared with $17.3 million for the same quarter in 2006.
"Higher quarter-over-quarter other operation and maintenance (O&M) expenses more than offset the impacts of interim rate relief received at our Hawaii Island utility and higher kilowatthour sales," said Constance Lau, HEI president and chief executive officer.
The company's American Savings Bank unit earned $12.6 million in the second quarter of 2007 compared to $16.2 million for the same quarter last year.
"Higher short-term interest rates made the interest rate environment more challenging than it was during the same quarter of last year," Lau said. "In addition, higher noninterest expenses impacted comparative quarter-over-quarter bank results."
