The company had revenues of $247.8 million in the quarter ended March 31, up 6.6 percent from $232.5 million a year earlier.
The company had revenues of $247.8 million in the quarter ended March 31, up 6.6 percent from $232.5 million a year earlier.
The company, which owns Hawaiian Electric Co. on Oahu and electric utilities on the Big Island, Maui, Molokai and Lanai, said the electricity business has done well in controlling costs.
A Public Utilities Commission order relating to interest rates forced the big Oahu utility to lower its charges slightly and to pay refunds. However, the utilities produced a 9.3 percent increase in operating profit to $38.7 million for the latest quarter, compared to $35.4 million a year earlier.
First-quarter kilowatt-hour sales were up 2.9 percent, as warmer weather prompted people to use their air conditioners. An increase in the number of tourists in the islands also helped, HEI said.
American Savings Bank, another major HEI subsidiary, had a flat performance as the company waits for conditions to improve so it can boost its interest-rate spread, said Robert F. Clarke, HEI president and chief executive officer.
American Savings had an operating profit of $10 million in the quarter, down 2 percent from $10.2 million in the 1995 quarter.
HEI, which owns Hawaiian Tug & Barge Corp. and Young Brothers Ltd., said profits from those maritime businesses as well as some fixed investments were more than offset by losses and expenses at three small subsidiaries and the corporate parent.