Hawaiian Electric Industries Reports Strong YearFebruary 10, 2012, 2:20 PM HST · Updated February 10, 2:21 PM 0 Comments
By Sonia Isotov
Hawaiian Electric Industries, Inc. (HEI) this week reported net income for the full year of 2011 was $138.2 million, up from $113.5 million for 2010.
Hawaiian Electric Industries Inc.. is the largest supplier of electricity in the state of Hawaii, supplying about 95% of the Hawaii’s population through its electric utilities: Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company. In addition, HEI owns American Savings Bank.
Consolidated net income for the fourth quarter of 2011 was $34.2 million compared to $24.7 million for the fourth quarter of 2010.
Electric utility net income was $100.0 million in 2011 compared to $76.6 million in 2010. Electric utility net income for the fourth quarter 2011 was $25.8 million compared to $18.9 million in the fourth quarter 2010.
“Our improved earnings help us fund the upfront investments necessary to support Hawaii’s move to clean energy. We are continuing to reinvest earnings in an aggressive infrastructure program to modernize the electric grid for reliability and to prepare it for significant amounts of renewable energy,” said Constance H. Lau, HEI president and chief executive officer, in a written statement.
“In 2011 alone, we invested over $200 million in utility infrastructure which is twice the utilities’ 2011 earnings.”
American Savings Bank’s net income for 2011 was $59.8 compared to $58.5 million in 2010. The Bank’s net income for the fourth quarter 2011 was $15.3 million, essentially flat compared to $15.5 million in the third, or linked, quarter 2011 and 15% higher than $13.3 million in the fourth quarter 2010.
“At American Savings Bank, performance remained strong throughout 2011 and earnings increased despite the significant challenges posed by the interest rate environment and federal regulation of bank fees,” said Lau.