The Hawaii based Central Pacific Financial Corporation has cut its financial loss by more than half in the third quarter.
The company has now has lined up a tentative deal for investors to pump 325 million US dollars into the struggling owner of Hawaii's fourth-largest bank.
The company announced yesterday that it lost 72-point-5 million US dollars in the June-to-September period, which was an improvement from a 183-point-1 million dollar loss in the same period last year.
Though the net loss was still quite big, the reduction represents progress in a turnaround plan that seeks to return the parent of Central Pacific Bank to profitability in 2011 and achieve compliance with regulatory orders governing capital and risk levels.
The Honolulu Star advertiser reports shares of Central Pacific stock closed yesterday down 9 cents at 1.39 US after the earnings announcement.