<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES' CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 1997 AND CONSOLIDATED STATEMENT OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. </LEGEND> <CIK> 0000354707 <NAME> HAWAIIAN ELECTRIC INDUSTRIES, INC. <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 98,653 <SECURITIES> 1,391,167 <RECEIVABLES> 151,720 <ALLOWANCES> 0 <INVENTORY> 47,262 <CURRENT-ASSETS> 0 <PP&E> 2,864,398 <DEPRECIATION> 912,580 <TOTAL-ASSETS> 6,000,625 <CURRENT-LIABILITIES> 0 <BONDS> 801,941 <PREFERRED-MANDATORY> 86,260 <PREFERRED> 148,293 <COMMON> 628,260 <OTHER-SE> 150,697 <TOTAL-LIABILITY-AND-EQUITY> 6,000,625 <SALES> 0 <TOTAL-REVENUES> 359,193 <CGS> 0 <TOTAL-COSTS> 309,841 <OTHER-EXPENSES> (1,294) <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 16,465 <INCOME-PRETAX> 34,181 <INCOME-TAX> 14,518 <INCOME-CONTINUING> 19,663 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 19,663 <EPS-PRIMARY> 0.64 <EPS-DILUTED> 0.64