Business
Caribbean Utilities Company, Ltd. announces unaudited results for the three and nine months ended September 30th, 2020
Caribbean Utilities Company, Ltd. announces unaudited results for the three and nine mont...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n \n \n \n Caribbean Utilities Company, Ltd. announces unaudited results for the three and nine months ended September 30th, 2020\n \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 Canada NewsWire\n \n \n GRAND CAYMAN, Cayman Islands, Oct. 30, 2020\n \n \n \n \n Caribbean Utilities Company, Ltd. is listed for trading in\n \n United States\n \n dollars on the Toronto Stock Exchange under the trading symbol \"CUP.U\"\n \n \n \n GRAND CAYMAN\n \n ,\n \n Cayman Islands\n \n ,\n \n Oct. 30, 2020\n \n /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its unaudited results for the three and nine months ended\n \n September 30, 2020\n \n (all dollar amounts are stated in\n \n United States\n \n dollars).\n \n \n \n \n \n \n \n \n \n Results for the Company for the three months ending\n \n September 30, 2020\n \n (\"Third Quarter 2020\" or \"Q3 2020\") reflect the impact that the COVID-19 pandemic has had on our business and\n \n Grand Cayman's\n \n economy.\n \n \n Net earnings for Q3 2020 totalled\n \n $10.4 million\n \n , comparable to\n \n $10.4 million\n \n for the three months ending\n \n September 30, 2019\n \n (\"Third Quarter 2019\" or \"Q3 2019\").\n \n \n Net earnings for the nine months ended\n \n September 30, 2020\n \n totalled\n \n $18.7 million\n \n , a decrease of\n \n $4.2 million\n \n when compared to net earnings of\n \n $22.9 million\n \n for the nine months ended\n \n September 30, 2019\n \n . The decrease is primarily attributable to higher depreciation and finance charges.\n \n \n Sales for Q3 2020 totalled 175.1 million kilowatt hours (\"kWh\"), a decrease of 9.3 million kWh, or 5%, in comparison to 184.4 million kWh for Q3 2019.  Sales for the nine months ended\n \n September 30, 2020\n \n totalled 492.9 million kWh, a decrease of 11.0 million kWh, or 2%, in comparison to 503.9 million kWh for the nine months ended\n \n September 30\n \n , 2019.\n \n \n Sales for the three and nine months ended\n \n September 30, 2020\n \n were negatively impacted by a decrease in the kWh consumption of Lar...