Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, April 29, 1999

Tesoro's profits fall 95% in quarter

Tesoro Petroleum Co., the Texas-based company that bought Hawaii's 32 BHP Gas Express gasoline stations last May, today reported a first-quarter profit of $300,000, a 95 percent drop from a profit of $6.1 million in the 1998 quarter. The company blamed price volatility on the West Coast.

After paying dividends on preferred stock, the latest quarter's result turned into a loss of 8 cents a share of common stock, compared with a profit of 23 cents a share in the year-earlier quarter. First-quarter revenues of $508.6 million were up 159.5 percent from $196 million in the 1998 quarter, when it did not have the Hawaii operations.

Mortgage rates up to 6.93 percent

WASHINGTON -- The average interest rate on 30-year fixed-rate mortgages rose slightly for the second consecutive week.

The average was 6.93 percent, up from 6.88 percent last week, Freddie Mac, the mortgage company said today.

Fifteen-year mortgages averaged 6.55 percent this week, up from 6.51 percent. One-year adjustable-rate mortgages averaged initial rate of 5.63 percent, up from last week's four-month low of 5.56 percent.

Amazon.com shares sink after report

SEATTLE -- Amazon.com Inc.'s shares fell 13 percent after the largest Internet retailer said its loss widened in the first quarter and will continue to increase as it spends more on promotions

and new services.

Amazon.com fell $25.25 to close at $168.25 in trading of 21 million, almost triple the three-month daily average.

Costs rose in the first quarter as Amazon.com bought stakes in online companies, moved into businesses such as auctions, boosted marketing spending and expanded its distribution network.

Amazon.com has lost money since it began in 1994.

Seattle-based Amazon.com late yesterday said its first-quarter loss increased to $61.7 million, or 39 cents a share, from $10.4 million, or 7 cents, in the year-earlier period.

In other news . . .

WASHINGTON -- U.S. tax refunds are running 21.9 percent ahead of last year's pace as taxpayers claimed new tax credits. The IRS reported it sent taxpayers $109.5 billion in refunds through April 23, up from $89.8 billion during the same period last year. The average refund so far in 1999 is $1,542, up from $1,342 for the same period last year.