BUSINESS BRIEFS
Gasoline prices at $3.26 on average
Advertiser Staff and News Services
The price of gasoline in Hawai'i posted another double digit decline this week, falling to a statewide average of $3.26 for a gallon of regular, AAA-Hawaii reported yesterday. That's 17 cents lower than last Friday, AAA said in a news release.
In Honolulu, the average price was $3.14 a gallon, down 20 cents from last Friday and 87 cents lower than a month ago.
"This is our sixth week of double-digit declines and continued great news for consumers," said AAA-Hawaii regional manager Richard Velazquez.
The average price in Hilo on the Big Island was $3.29, down 31 cents from last week and 86 cents lower than last month. In Wailuku, Maui, it was $3.73, down a five cents from last week and 78 cents lower than a month ago.
ML MACADAMIA HAS $886,000 PROFIT
ML Macadamia Orchards LP said it swung to a profit from a year-earlier loss as it benefited from a good crop and higher nut prices along with a crop insurance recovery.
The Hilo-based partnership said net income totaled $886,000, or 12 cents per Class A unit in the three months ended Sept. 30.
That compared with a loss of $436,000, or six cents per Class A unit, a year earlier.
The profit came as nut revenues more than doubled to $4.6 million from $2 million a year earlier, reflecting a better crop that allowed earlier harvests and higher nut prices. The third-quarter harvest of 6.8 million pounds was almost three-quarters more than a year earlier.
The partnership said it also benefited from $886,000 for a crop insurance recovery.
ML Macadamia also reported the New York Stock Exchange may delist its Class A units because it hadn't met a listing criteria of having at least $25 million market capitalization on a 30-trading-day average.
ML Nut's Class A units rose 1 cent to $2.40 in regular trading. It reported its results in a regulatory document that was filed after the close of trading.
BUYER OF CONSOLIDATED POSTS LOSS
Reading International Inc., the Los Angeles-based company that bought Consolidated Entertainment cinemas in Hawai'i and California, said it had a third-quarter loss from continuing operations as it incurred higher interest, administrative and depreciation expenses.
The company reported it swung to a loss of $2.1 million, or 9 cents a share, in the three months ended Sept. 30. A year earlier it had reported a profit of $870,000, or 4 cents a share.
Reading said the purchase of Consolidated helped boost revenue to $56.5 million from $31.1 million. It bought 181 screens in the Consolidated transaction.
KALIHI FIRM TURNS TO SOLAR FOR POWER
Suntech Hawaii said it recently installed a 223-kilowatt photovoltaic solar electric power system installation at D. Otani Produce in Kalihi.
The 1,275-panel solar system took seven weeks to install and will generate enough electricity to power nearly 40 homes for a year, according to a news release from Suntech. The system became operational last week.
"We rely heavily on electricity because we have a one-acre refrigeration system that keeps our produce fresh," said Dwight Otani, D. Otani Produce founder and owner. "Unfortunately, with the rising cost of oil, our electricity bill more than doubled since 2006 so we needed to do something quickly that would help us to reduce our electricity bill."
The new system will reduce the company's monthly electricity bill by approximately 20 percent, Otani said.
