Business Briefs

Reported by Star-Bulletin staff & wire

Friday, January 29, 1999

Building contracts in isles fell in '98

Contracts written last year for future construction in Hawaii were down 1.2 percent in value, a total of $1.65 billion vs. $1.67 billion in 1997, according to a report from the F.W. Dodge division of McGraw-Hill Cos.

A surge in December countered much of the decline that had occurred through the rest of the year, according to the F.W. Dodge division report.

For the year, nonbuilding contracts -- such as for streets, airports, and sewage facilities -- were up 35 percent at $420.5 million. However residential construction contracts were down 15 percent at $522.1 million and contracts for nonresidential work -- such as office buildings and hotels -- were down 4 percent at $710.6 million. Total contracts awarded in December alone were worth $188.6 million, double the $94.2 million written in December 1997.

Bergen Brunswig wins Longs' contract

ORANGE, Calif. -- Bergen Brunswig Corp., the third-largest U.S. drug wholesaler, has won a seven-year supply contract valued at about $6.3 billion. Bergen yesterday said Longs Drug Stores Corp., the sixth-largest U.S. drugstore operator, agreed in principle to have Bergen be the sole supplier of drugs, health and beauty aids and over-the-counter medical products to Longs' 380 stores in California, Hawaii, Nevada, Colorado, Washington and Oregon.

Kellogg's profits off 41% on slow sales

BATTLE CREEK, Mich. -- Kellogg Co., the world's largest cereal maker, said fourth-quarter profit fell 41 percent, the biggest drop in 21/2 years, as it spent more on marketing to stem sales lost to lower-priced brands.

Profit before charges at the maker of Rice Krispies, Frosted Flakes and other cereals fell to $93.1 million, or 23 cents a share, from $158.5 million, or 39 cents, a year earlier. The results matched the average estimate of analysts polled by First Call Corp., according to Bloomberg News.

See expanded coverage in today's Honolulu Star-Bulletin.
See our [Search] [Info] section for subscription information.

E-mail to Business Editor

Text Site Directory:
[News] [Business] [Features] [Sports] [Editorial] [Do It Electric!]
[Classified Ads] [Search] [Subscribe] [Info] [Letter to Editor]
[Stylebook] [Feedback]

© 1999 Honolulu Star-Bulletin