Business / In Brief • May 9, 2013

Decline in earnings for Hawaiian Electric

HONOLULU – Hawaiian Electric Industries Inc. said Wednesday that its first-quarter net income dropped 12.1 percent to $33.7 million as its utilities invested more than $60 million in local infrastructure.

The Honolulu-based company said its earnings of 34 cents per share, compared with earnings of 40 cents per share, or $38.3 million, during the first three months of 2012.

The company said its earnings dropped in part because of about $8 million higher expenses for operations, depreciation and investments in reliability and clean energy.

Hawaiian Electric CEO Constance Lau said the results are in line with expectations and show significant progress to start 2013.

Lau said the amount invested by utilities on local infrastructure amounted to roughly 2.5 times their earnings.


Oahu house, condo sales, prices increase

HONOLULU – Oahu home real estate sales and median prices saw increases last month compared to the same time last year.

Monthly figures released by the Honolulu Board of Realtors show the median price of a single-family home in April was $625,000, a 4 percent increase from April 2012. The median price for a condo was $335,000, a 5 percent increase from last year.

The number of single-family homes sold during the month increased nearly 30 percent to 280. The number of condos sold surged 33 percent to 457.

The board also says properties sold faster last month compared to a year ago. Single-family homes were on the market for 23 days and condos were on the market for 19 days.