Hawaiian Electric Net Income Falls 40 Percent

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. ...