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Hawaiian Electric Net Income Falls 40 Percent

The Associated Press

HONOLULU (AP) — Hawaiian Electric Industries is reporting first quarter consolidated net income of $20 million, or 23 cents per share, compared with $34 million, or 41 cents per share, for the first quarter of 2008.

That's a 40 percent fall in profits.

President and CEO Constance H. Lau says the earnings reflect the global financial and economic crisis. She says lowered electric sales resulted in a higher provision for loan losses at the company's subsidiary, American Savings Bank.

Lau also says cooler, less humid weather, together with higher operating and maintenance costs, reduced earnings.

The utility's first quarter net income fell from $24 million last year to $14 million this year. Meanwhile, the bank's net income fell from $14 million to $10 million.