Business
Caribbean Utilities Company, Ltd Announces Unaudited First Quarter ended March 31st 2020
Caribbean Utilities Company, Ltd Announces Unaudited First Quarter ended March 31st 2020 ...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nCaribbean Utilities Company, Ltd Announces Unaudited First Quarter ended March 31st 2020\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, May 6, 2020\n\n\n\nCaribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange under the trading symbol \"CUP.U\".\n GRAND CAYMAN, Cayman Islands, May 6, 2020 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its unaudited results for the three months ended March 31, 2020 (\"First Quarter\" or \"Q1 2020\") (all figures in United States dollars).\nNet earnings decreased $0.6 million from $4.5 million in Q1 2019 to $3.9 million in Q1 2020.  The decrease in net earnings is due primarily to higher depreciation, transmission and distribution and finance charges.  These items were partially offset by higher electricity sales and lower general and administration costs.\nAfter the adjustment for dividends on the preference shares of the Company, earnings on Class A Ordinary Shares for Q1 2020 were $3.8 million or $0.11 per Class A Ordinary Share, compared to earnings on Class A Ordinary Shares of $4.4 million, or $0.13 per Class A Ordinary Share for Q1 2019.\nElectricity sales revenues were $21.2 million for Q1 2020, an increase of $0.9 million when compared to electricity sales revenues of $20.3 million for Q1 2019.  Electricity sales revenues for Q1 2020 increased when compared to the same period last year due primarily to a 4% increase in kWh sales.\nFirst Quarter 2020 saw an increase in our customer base. Total customers as at March 31, 2020 were 30,734, an increase of 789 customers, or 3%, compared to 29,945 customers as at March 31, 2019. \nPresident and CEO, Mr. Richard Hew, stated, \"Given that the closure of businesses and the international airports by the Cayman Islands Government in response to COVID-19 did not occur until the middle of March, the impact of the pandemic on the local economy is not fully reflected in the Company's First Quarter results. In the...