Business
Caribbean Utilities Company, Ltd., announces its results for the twelve-month period ended December 31, 2017
Caribbean Utilities Company, Ltd., announces its results for the twelve-month period ended...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nCaribbean Utilities Company, Ltd., announces its results for the twelve-month period ended December 31, 2017\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nGRAND CAYMAN, Cayman Islands, March 1, 2018\n\n\n\nCaribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange \n\n\n\nGRAND CAYMAN, Cayman Islands, March 1, 2018 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its audited results for the twelve-month period ended December 31, 2017 (all figures in United States dollars).\n\n\n \n \n\n\n\n\n\n\n\n \nOperating Income for the year ended December 31, 2017 (\"Fiscal 2017\") totalled $27.4 million, a $0.5 million increase from Operating Income of $26.9 million for the year ended December 31, 2016 (\"Fiscal 2016\").  This increase is attributable to a 2% increase in kilowatt (\"kWh\") sales, and 0.1% and 1.6% base rate increases effective June 1, 2016 and June 1, 2017 respectively.  These items were partially offset by higher consumer services and depreciation expenses in 2017.\n\nNet earnings for Fiscal 2017 were $23.8 million, a $1.4 million decrease from net earnings of $25.2 million for Fiscal 2016. This decrease is attributable to higher finance charges more than offsetting the gain in Operating Income. \n\nAfter the adjustment for dividends on the preference shares of the Company, earnings on Class A Ordinary Shares for Fiscal 2017 were $22.8 million, or $0.70 per Class A Ordinary Share as compared to $24.3 million, or $0.75 per Class A Ordinary Share for Fiscal 2016. \n\nKilowatt-hour sales for Fiscal 2017 were 621.8 million kWh, an increase of 15.1 million kWh or 2% when compared to 606.7 million for Fiscal 2016. Sales were positively impacted by an increase in the average residential consumption and overall growth in customer numbers.  \n\nElectricity sales revenue increased $1.6 million for Fiscal 2017 to $81.8 million when compared to electricity sales revenues of $80.2 million for Fiscal 2016.  This increase is att...