Revenue during the quarter went down marginally by 1.06 percent to $617.40 million from $624.03 million in the previous year period. Total expenses were 85.68 percent of quarterly revenues, down from 86.66 percent for the same period last year. This has led to an improvement of 99 basis points in operating margin to 14.32 percent.

Operating income for the quarter was $88.43 million, compared with $83.22 million in the previous year period.

"In 2016, Hawaiian Electric and its subsidiaries invested $318 million, over twice the utility’s earnings, in the modernization and improvement of Hawaii’s electric grids, and we achieved an energy portfolio powered by 25% renewable resources3 in 2016. While advancing towards our 100% goal for 2045, we remained focused on increasing customer value. In 2016, Hawaiian Electric management worked hard to reduce overall operation and maintenance expenses from 2015 levels. Our activities at the utility are focused on creating, at reasonable cost and working with third party energy developers and producers, the renewable energy platform of the future for the benefit of all of Hawaii, while also maintaining the service and reliability that our customers have come to expect," said Constance Lau, HEI president and chief executive officer.

Debt comes down
Hawaiian Electric Industries, Inc has recorded a decline in total debt over the last one year. It stood at $1,811.64 million as on Dec. 31, 2016, down 9.87 percent or $198.38 million from $2,010.01 million on Dec. 31, 2015. Total debt was 14.58 percent of total assets as on Dec. 31, 2016, compared with 17.05 percent on Dec. 31, 2015. Debt to equity ratio was at 0.88 as on Dec. 31, 2016, down from 1.04 as on Dec. 31, 2015. Interest coverage ratio improved to 4.65 for the quarter from 4.18 for the same period last year.