<ARTICLE> 5
<LEGEND>
THIS RESTATED 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>
<RESTATED>
<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<F1>
<EPS-DILUTED>                                     0.63
<FN>
<F1>Represents Basic EPS
</FN>