Posted at 10:19 a.m., Wednesday, November 7, 2007
Gas Co. owner reports third-quarter loss widened
Advertiser Staff
Macquarie Infrastructure Co., an owner of infrastructure businesses that include the Gas Co. in Honolulu, said its net loss widened to $18 million, or 41 cents a share, in the third quarter. A year earlier it reported a net loss of $10 million, or 37 cents.The New York-based corporation said much of the loss was attributable to $17.7 million of refinancing-related expenses.
Macquarie said its gas production and distribution operations had a higher contribution margin during the quarter. It said utility revenue for the gas production and distribution business grew 16 percent while non-utility revenue rose 10 percent as the result of retail price increases. The company also reported higher costs for LPG and transportation between islands.
