Reported by Star-Bulletin staff & wire
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Start-up costs weigh down Star Cruises
Star Cruises Ltd., the world's No. 4 cruise line operator, said start-up costs for its new cruise services in Hawaii were a drag on its first quarter results.The company said yesterday it had net income of $1.2 million compared with a loss of $2.2 million a year earlier, according to U.S. accounting standards. Sales fell 5.1 percent to $390.7 million from $412 million. According to Hong Kong accounting standards, the company's loss widened to $9.2 million from $5 million.
Hong Kong-based Star Cruises, which operates 17 vessels under brands such as Norwegian Cruise Lines and Orient Lines, plans to start new inter-island Hawaiian cruises in July. Yesterday it said it had incurred costs for a new Honolulu office and a television campaign promoting the new products. It won't record any income from customer bookings until the third quarter.
The company said general expenses for its Norwegian Cruise Line unit, which will operate the Hawaiian cruises, rose by $8 million. It didn't give a comparable figure for a year earlier.
Maui project gets housing grants
The developer of the Waiehu Kou 3 housing subdivision on Maui has won an affordable housing grant that is expected to provide 45 native Hawaiian families with up to $9,000 in homebuying assistance.Eligible families will be able to apply their share of the $404,955 grant to down payments and closing costs or principal reduction. The grant was awarded by the Federal Home Loan Bank of Seattle.
The subdivision is being developed by the Dowling Co. on land owned by the Department of Hawaiian Home Lands. Construction is set to begin in June and the first families are expected to move in by October. The project features 115 affordable homes.
To qualify for the grant, families must a have a household income that is at or below 80 percent of the median income for Maui County.
Continental hikes fares $10 to $20
HOUSTON >> Continental Airlines Inc. is raising fares to offset surging fuel costs and said yesterday it will be forced to consider wage and benefit cuts, plus employee furloughs, if the higher fares don't help company finances.The airline also expects to post a "significant" loss for the year because of the higher jet fuel costs.
Continental said it would increase its fares $10 each way for flights under 1,000 miles and $20 each way for those over 1,000 miles. The increases are effective immediately.
Continental said it expects the new fares to offset 15 percent to 20 percent of its fuel costs.
Crude oil future prices are trading above $41 a barrel, and settled at a record $41.55 Monday on the New York Mercantile Exchange. The jump in oil prices -- caused by strong global demand and security concerns in Iraq and Saudi Arabia -- has prompted several carriers around the world to impose fuel surcharges and fare hikes.
Home Depot profts lift 21 percent
ATLANTA >> Profits at Home Depot jumped 21 percent in the company's first quarter as the robust housing and remodeling market fueled sales of appliances, flooring and ceiling fans.The world's biggest home improvement chain also raised its forecast yesterday for 2004.
"We're in the sweet spot," Bob Nardelli, Home Depot's chairman, president and chief executive officer, told analysts and investors in a conference call. He said it was the company's best first quarter in five years.
Home Depot shares rose $1.15 to $34.62.
Vegas resale housing prices jump 33 percent
LAS VEGAS >> Area housing prices continued to soar in April, but analysts say they expect prices to level off by the end of the year.The median price of a resale home in the Las Vegas area increased more than 30 percent over the same time last year, local research firms reported yesterday.
The median price of a resale home in April reached $215,000, a 33 percent increase over the same time last year and a $15,000 increase over March, SalesTraq reported.
Hewlett posts gains in profit and revenue
Hewlett-Packard provided more evidence yesterday that the technology business continues to improve as it reported solid quarterly results with strong gains in both revenues and profits.The report also underlines the continuing progress the company has made since its controversial acquisition of Compaq two years ago. Hewlett-Packard's revenues increased 12 percent from the quarter a year earlier, to $20.1 billion, a record for the company and higher than Wall Street estimates. The sales figure, however, was magnified by the weakness of the dollar. Excluding the currency effect, revenues for the quarter rose 4 percent.
Greenspan nominated to 5th term by Bush
WASHINGTON >> President Bush formally nominated Alan Greenspan for a fifth four-year term as chairman of the Federal Reserve, fulfilling a pledge Bush made last year and reassuring investors about the most powerful economic post in the country.
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[Hawaii Inc.]
NEW JOBS
>> PacificBasin Communications hired Janelle Kalawe as a graphic designer. She previously worked as a graphic designer with Trade Publishing. She replaces Maggie Funjino who has joined Downtown Planet as a graphic artist.>> Bishop Museum has named Timothy Choy assistant to the president. He will be responsible for assisting President Bill Brown with organizational communications, events coordination and other special needs. He most recently served as the director of special events and special assistant to the chairman of the Honolulu Academy of Arts.
>> Coldwell Banker Pacific Properties' King Street office has hired Marilyn Fagan as a sales associate. She has 22 years of real estate experience and specializes in the Hawaii Loa Ridge area. She previously worked for RE/MAX Honolulu.
>> Melissa Pyell has joined Peter Vincent and Associates as an interior designer. She comes from McCulley Group in San Diego.
PROMOTIONS
>>VUE Hawaii promoted Jaime Kobashigawa to assistant manager at the Kahala Mall. She will oversee employee relations, merchandising, and daily operations. She had worked as a sales associate for the company since November.>> Janis Koza has been promoted to accounting manager at moving and storage company M. Dyer & Sons. She joined the company in 1996 as an accountant.
