Business
Caribbean Utilities Company, Ltd Announces Unaudited First Quarter Results for the Period ended March 31 2018
Caribbean Utilities Company, Ltd Announces Unaudited First Quarter Results for the Period ...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nCaribbean Utilities Company, Ltd Announces Unaudited First Quarter Results for the Period ended March 31 2018\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 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, May 1, 2018 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its unaudited results for the First Quarter ended March 31, 2018 (all dollar amounts are stated in United States dollars).\n\n\n \n \n\n\n\n\n\n\n\n \nResults for the Company for the three months ending March 31, 2018 (\"The First Quarter 2018\") were highlighted by a 2% increase in total customers, a 3% increase in electricity sales and a $1.8 million decline in net earnings, when compared to the three months ending March 31, 2017 (\"First Quarter 2017\"). Renewable energy on the grid also grew by 250% from 1 million kilowatts to 3.5 million kilowatts.\n\nSales for the First Quarter 2018 totaled 140.4 million kilowatt hours (\"kWh\"), an increase of 3.8 million kWh in comparison to 136.6 million kWh for the First Quarter 2017. Sales were positively impacted by the 2% increase in residential customers in First Quarter 2018 when compared to First Quarter 2017.  In First Quarter 2018, the average consumption of commercial customers increased by 4% which also positively impacted sales. However, revenues from large commercial customers declined due to the newly introduced demand billing rate. \n\nDuring the First Quarter 2018, Electricity Sales Revenues for large commercial customers under the newly introduced demand rate were less than what would have been billed under the previous energy only rate.  Management's estimate of the shortfall of billings under the demand rate of large commercial customers is $0.6 million or $0.02 per Class A Ordinary Share.  The introduction of the demand rates for the large commercial customers, to be phased in over a three -year period, ...