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HEI reports solid first-quarter profits

May 17, 2012
The Maui Weekly

Pacific Business News - Hawaiian Electric Industries Inc. reported a first-quarter profit of $38.3 million, or 40 cents per diluted share, an increase of 34 percent compared to a profit of $28.5 million, or 30 cents per diluted share, for the same quarter in 2011.

"HEI delivered solid results in the first quarter of 2012 and continued to reinvest earnings into our Hawai'i-based businesses," Constance Lau, president and CEO of Honolulu-based HEI, said in a statement.

Lau noted that the company's three utilities--Hawaiian Electric Co., Maui Electric Co. and Hawai'i Electric Light Co.--have invested more than $40 million in infrastructure, and that the company's bank subsidiary, American Savings Bank, increased its loan portfolio. The bank last week separately reported a first-quarter profit of $15.9 million.



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