Monday, April 23, 2001

HEI posts
‘mixed’ earnings

Overall profits slip 4.5%
as the utility's results dim
while American Savings Bank
chalks up a gain over last quarter

By Russ Lynch

Hawaiian Electric Industries Inc. today reported a 4.5 percent dip in first-quarter earnings, showing a net of $27.7 million, or 84 cents a share, compared to 90 cents a share in the same quarter a year ago.

Hawaiian Electric Industries Robert F. Clarke, HEI chairman, president and chief executive officer, called it a "mixed first quarter," with the net from the electric utility business down 9.7 percent despite sales of kilowatt hours increasing 1.7 percent.

The American Savings Bank subsidiary posted a 5.8 percent net increase over last year's first quarter.

Electricity net income in the latest three months was $21.4 million, compared with $23.7 million in the 2000 quarter. HEI said its expenses for buying power from other producers were up and maintenance expenses also rose, due to the timing of overhauls.

Art American Savings had a first-quarter net income of $11.9 million, compared to a year-earlier $11.2 million.

Interest income was up 5 percent but the interest rate spread, the difference between interest paid on deposits and interest earned from loans, slipped to 3.01 percent from a year-earlier 3.28 percent.

Total first-quarter corporate revenues of $434.9 million were up 8.2 percent from $401.9 million in the year-earlier period.

Utility revenues of $115.8 million were up 5 percent from $110.3 million and bank revenues of $2 million were up 17.6 percent from $1.7 million in the first quarter of 2000.

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