Hawaiian Electric Industries (HE) has reported 149.52 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $127.61 million, or $1.17 a share in the quarter, compared with $51.14 million, or $0.47 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $63.30 million, or $0.58 a share compared with $52.40 million or $0.49 a share, a year ago. Revenue during the quarter dropped 9.92 percent to $646.06 million from $717.18 million in the previous year period. Total expenses were 83.68 percent of quarterly revenues, down from 86.46 percent for the same period last year. This has led to an improvement of 278 basis points in operating margin to 16.32 percent.
Operating income for the quarter was $105.44 million, compared with $97.10 million in the previous year period.
"The NextEra Energy termination payment will support HEIs investments in our community and projects our utility is undertaking to reliably integrate more renewable energy for its customers. Through the first nine months of this year, Hawaiian Electric invested $230 million in local infrastructure projects to modernize the electric grid and to reliably integrate more renewable energy, moving us closer to our renewable energy goals. And in October, Hawaiian Electric marked its 125th year of serving the people of Hawaii. At American Savings Bank, we continued to deliver solid earnings growth and strong year-to-date annualized deposit growth of 9.4%," said Constance H. Lau, HEI president and chief executive officer.
Debt comes down
Hawaiian Electric Industries has recorded a decline in total debt over the last one year. It stood at $1,844.45 million as on Sep. 30, 2016, down 9.90 percent or $202.68 million from $2,047.13 million on Sep. 30, 2015. Total debt was 15.12 percent of total assets as on Sep. 30, 2016, compared with 17.69 percent on Sep. 30, 2015. Debt to equity ratio was at 0.89 as on Sep. 30, 2016, down from 1.07 as on Sep. 30, 2015. Interest coverage ratio deteriorated to 1.49 for the quarter from 5.05 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
