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The Honolulu Advertiser
Posted on: Thursday, May 6, 2010

BUSINESS BRIEFS
Macquarie's 1st-quarter revenue up 20%

Advertiser Staff and News Services

Hawaii news photo - The Honolulu Advertiser

An interim rate increase at The Gas Company in Hawai'i helped boost Macquarie Infrastructure's first-quarter revenue to $201.3 million, a 20 percent increase over last year.

ADVERTISER LIBRARY PHOTO | August 2005

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Macquarie Infrastructure Co. LLC said first-quarter revenue rose 20 percent to $201.3 million, helped by an interim rate increase at The Gas Company in Hawai'i and fuel sales at its Atlantic Aviation subsidiaries.

The company reported its net loss from continuing operations narrowed to $5.47 million from a loss of $46.4 million a year earlier.

Macquarie said free cash flow at The Gas Co. was $6.6 million. The company said that was $521,000 less than a year earlier, primarily because of increased income taxes.

CAR OWNERS IN HAWAI'I PAY HIGH PRICE

Hawai'i is the most expensive place in the nation to own a car, according to an analysis by Edmunds.com.

The automotive website said the five-year cost to own a car here including financing, insurance, maintenance and repairs is $51,233. That compared with the nation's lowest rate, found in New Hampshire at $39,136.

Edmunds.com computed the gasoline and other costs on the basis of a car driven 15,000 miles a year. That may have skewed Hawai'i's costs higher since average miles driven is thought to be two-thirds of the figure used in the survey.

PACIFIC OFFICE REPORTS RISE IN FUNDS

Pacific Office Properties Inc., the owner of office buildings in Honolulu and the Western U.S., said first-quarter funds from operations rose to $1.22 million, or 7 cents per share or common unit.

That compared with results of $1.16 million, or 7 cents, a year earlier. Pacific Office Properties and other real estate investment trusts consider funds from operations a better measure of their profitability than earnings.

The company reported 84.4 percent of its space was leased at the end of March and that annual rent per square foot was $27.79.

The company's Honolulu portfolio includes the Bank of Hawaii Waikiki Center, Clifford Center, Davies Pacific Center, First Insurance Center, Pacific Business News Building, Pan Am Building and Waterfront Plaza.