Reported by Star-Bulletin staff & wire
Wednesday, July 22, 1998
City Bank's parent sees solid quarterly profit
CB Bancshares Inc. had a second-quarter profit 9.6 percent higher than its income for the same period last year.
The parent of City Bank and International Savings & Loan Association said cost controls brought the improvement, despite the prolonged weakness in the Hawaii economy.
For the three months ended June 30, the company had a profit of $2.14 million, or 60 cents a share, compared with the profit of $1.95 million, or 55 cents a share, in the 1997 second quarter.
As of June 30, assets totaled $1.4 billion, down 1 percent from $1.41 billion a year earlier. Deposits of $1.03 billion were up 8 percent from $1.01 billion. Loans at the end of the latest quarter totaled $1.06 billion, down 1 percent from $1.07 billion a year earlier.
The company has 23 branches on Oahu, Maui and the Big Island.
Hilton records 14% second-quarter profit
BEVERLY HILLS, Calif. -- Hilton Hotels Corp.'s second-quarter profit rose 14 percent as the third-largest U.S. hotel company, and largest operator of casino resorts, raised hotel room rates and benefited from a new casino.Hilton earned $106 million, or 39 cents a diluted share, up from $93 million, or 34 cents a year earlier. The profit was in line with expectations of 40 cents, the average estimate of analysts polled by First Call Corp.
The strong economy allowed Hilton to raise room rates at its 240 upscale hotels while its Wild Wild West casino, opened a year
Boyd Gaming reports slight rise in net
Boyd Gaming Corp. today reported a second-quarter net profit of $4 million, or 7 cents a share, up 17.6 percent from a profit of $3.4 million, or 6 cents a share, in last year's second quarter.Both periods had one-time charges: $5.9 million in the 1998 quarter from costs closing the company's Sam's Town Casino in Kansas City and a restructuring charge of $5.6 million in the year-earlier quarter.
Boyd's revenues were $267.3 million in the latest period, up 13.1 percent from $236.4 million in the 1997 quarter.
Las Vegas-based Boyd Gaming has 11 casinos in Nevada, Mississippi, Illinois and Louisiana and is about to expand into Atlantic City, N.J. Its Downtown Las Vegas properties are popular among Hawaii residents.
Boyd's Vacations-Hawaii travel agency subsidiary brought in $7.8 million worth of revenues in the latest quarter.
Ground workers strike Philippine Airlines
MANILA -- Thousands of Philippine Airlines ground staff went on strike today in a move management said could prove fatal to the carrier, already badly battered by a downturn in Asian aviation.The strike by the 8,000-member Philippine Airlines Employees Association, following a breakdown of talks with management to reinstate laid off workers, held up the departure of domestic flights this morning. PAL later said "a good number" of staff had reported for work and it expected to operate all 20 domestic and six international flights scheduled today, but they would be delayed.
The union said 85 percent of its members had observed the stoppage, which follows a 22-day strike by PAL pilots last month. PAL, which is seeking to dispose of 40 of its 54 airliners, laid off 5,000 ground workers after the pilots' strike.
The airline suspended its three weekly Manila-Honolulu flights last month after the pilots' strike began.
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