Business
Caribbean Utilities Company, Ltd. Announces First Quarter Results for the Period Ended March 31, 2011
May 4, 2011 (Canada NewsWire Group) -- GRAND CAYMAN, CAYMAN ISLANDS, May 4 /CNW/ - Caribbean ...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n May 4, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nGRAND CAYMAN, CAYMAN ISLANDS, May 4 /CNW/ - Caribbean Utilities Company,\n Ltd. ("CUC" or the "Company") announced today its unaudited results for\n the first quarter ended March 31, 2011 (all figures in United States\n dollars).\n\n\nDespite continuing weak economic conditions on Grand Cayman during the\n three months ended March 31, 2011 ("First Quarter 2011"), the Company\n continued its steady performance with marginal growth in sales and\n total customers, and an increase in net earnings compared to the three\n months ended March 31, 2010 ("First Quarter 2010").\n\n\nKiloWatt-hour ("kWh") sales for the First Quarter 2011 totaled 125.2\n million, an increase of 1.8 million kWh, or 1.5%, in comparison to\n 123.4 million kWh for the First Quarter 2010. The total number of\n customers as at the end of the First Quarter 2011 was up by 2% at\n 26,261 compared to 25,676 at the end of the First Quarter 2010. The\n Company had a net increase of 110 customers for the First Quarter 2011.\n\n\nNet earnings for the First Quarter 2011 increased by $0.6 million, to\n $3.1 million in comparison to $2.5 million for the First Quarter 2010.\n This increase is due to the 1.5% kWh sales growth for the period and\n lower transmission and distribution and maintenance expenses. \n Maintenance expenses for the First Quarter 2011 were expected to be\n lower than in 2010 due to variou...