Hawaiian Electric Industries Inc. had another weak second quarter, blaming the downturn in the state economy and �delayed regulatory action.�

HEI said today that it earned $15.5 million, or 17 cents per share, during the three months ending June 30, which compares with the year earlier�s $5.1 million, or 6 cents per share, net profit.
But the comparisons are skewed by a $35.6 million after-tax charge that the company recorded in second quarter 2008.
Minus the charge, Hawaii�s second quarter 2008 net would have been $40.7 million, or 48 cents per share, which is well above the latest quarterly results.
�The performance of our companies continues to be impacted by difficult economic conditions and delayed regulatory action,� said Constance Lau, HEI�s chief executive officer.