Hawaiian Electric Industries Inc. had another weak second quarter, blaming the downturn in the state economy and “delayed regulatory action.”

HEI said today that it earned $15.5 million, or 17 cents per share, during the three months ending June 30, which compares with the year earlier’s $5.1 million, or 6 cents per share, net profit.
But the comparisons are skewed by a $35.6 million after-tax charge that the company recorded in second quarter 2008.
Minus the charge, Hawaii’s second quarter 2008 net would have been $40.7 million, or 48 cents per share, which is well above the latest quarterly results.
“The performance of our companies continues to be impacted by difficult economic conditions and delayed regulatory action,” said Constance Lau, HEI’s chief executive officer.