<ARTICLE> 5
<LEGEND>
THIS RESTATED SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES' CONSOLIDATED BALANCE SHEET
AS OF SEPTEMBER 30, 1997 AND CONSOLIDATED STATEMENT OF INCOME FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 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>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               SEP-30-1997
<CASH>                                         124,068
<SECURITIES>                                 1,482,388
<RECEIVABLES>                                  151,833
<ALLOWANCES>                                         0
<INVENTORY>                                     42,786
<CURRENT-ASSETS>                                     0
<PP&E>                                       2,940,242
<DEPRECIATION>                                 956,227
<TOTAL-ASSETS>                               6,209,345
<CURRENT-LIABILITIES>                                0
<BONDS>                                        795,718
<PREFERRED-MANDATORY>                           86,070
<PREFERRED>                                    148,293
<COMMON>                                       647,062
<OTHER-SE>                                     156,374
<TOTAL-LIABILITY-AND-EQUITY>                 6,209,345
<SALES>                                              0
<TOTAL-REVENUES>                             1,085,242
<CGS>                                                0
<TOTAL-COSTS>                                  924,057
<OTHER-EXPENSES>                                 (537)
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              46,179
<INCOME-PRETAX>                                115,543
<INCOME-TAX>                                    47,517
<INCOME-CONTINUING>                             68,026
<DISCONTINUED>                                 (4,430)
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    63,596
<EPS-PRIMARY>                                     2.04<F1>
<EPS-DILUTED>                                     2.03
<FN>
<F1>REPRESENTS BASIC EPS
</FN>