Castle Group's loss triples
Castle Group Inc.
, the holding company for Honolulu-based Castle Resorts & Hotels, said yesterday its net loss for the second quarter more than tripled to $545,882 from $170,208 in the year-earlier period.
Revenue slipped 5 percent to $4.6 million from $4.8 million, largely due to decreases in occupancy and room rates in Hawaii because of the softening tourism market, the company said.
Castle's operations outside of Hawaii, however, tempered the impact on the overall revenue picture. Management and services revenue increased 33 percent to $593,298 from $146,650 as a result of the company's expansion.
Rick Wall, chairman and chief executive of Castle Group, said the company expects to announce the addition of several more properties to its portfolio in the third quarter.
Hawaii fruit sales up 71% in 2007
Hawaii's tropical fruit growers produced and sold an estimated 2.3 million pounds of fresh fruit in 2007, according to the state Department of Agriculture.
That was 59 percent higher than the year earlier. Higher output was reported for all major specialty fruit crops except mango and persimmon.
The value of sales is estimated at $4.5 million in 2007, 71 percent higher than 2006, primarily from larger output.
30-year mortgages remain steady
WASHINGTON » Rates on 30-year mortgages remained at the same level for a third week while rates on other types of home loans posted small declines.
Freddie Mac, the mortgage company, reported yesterday that 30-year, fixed-rate mortgages averaged 6.52 percent this week. That was the same rate as the two previous weeks and represented the second highest rate of the year.
Rates on 15-year, fixed-rate mortgages fell to 6.07 percent, down from 6.10 percent last week. Rates on five-year, adjustable-rate mortgages averaged 6.02 percent this week, down slightly from 6.05 percent last week. Rates on one-year, adjustable-rate mortgages dipped to 5.18 percent, down from 5.22 percent last week.
Berkshire invests in NRG Energy
OMAHA, Neb. » Billionaire investor Warren Buffett's holding company revealed a new investment in power wholesaler NRG Energy Inc.
yesterday in documents filed with the Securities and Exchange Commission.
The documents offer a snapshot of Berkshire Hathaway Inc.'s $58 billion portfolio of U.S. stocks at the end of the second quarter. The filings reveal several changes in Berkshire's stock holdings, including the sale of a large block of its Anheuser-Busch Cos. stock and the elimination of its Trane Inc. holdings.