Profits, staff decline
at isle businesses
in ’98

According to a Q3 survey by
QMark Research

Star-Bulletin staff

Almost half the Hawaii businesses questioned in a new survey said their revenues and profits have fallen over the past year and about one-third said they have fewer employees than last year.

The results of the third-quarter survey, done by QMark Research & Polling for the Business Banking Council, were almost exactly the same as the numbers from the organization's first survey, done in the second quarter.

However, organization members told a news conference this morning that some of the statistics were positive.

The survey, paid for by American Savings Bank, will be used a to create a new economic indicator to judge future changes in the economic climate, they said.

"We want to use it as a baseline. We want to forget about the past," said Beth Tom, owner of the PriceBusters retail business.

The survey of 402 businesses, conducted by telephone Oct. 8-16, showed that while 31 percent of the businesses had fewer employees than last year, 51 percent remained the same and 18 percent increased their payroll.

Gross revenues were down at 49 percent, but 18 percent said revenues were unchanged and 33 percent said they had risen.

Profits declined at 47 percent of the businesses but were unchanged at 19 percent and increased at 32 percent.

Overall, 87 percent expect to be still in business five years from now.