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Caribbean Utilities Company, Ltd Announces Unaudited Results for the three and six months ended June 30 2018
Caribbean Utilities Company, Ltd Announces Unaudited Results for the three and six months ...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nCaribbean Utilities Company, Ltd Announces Unaudited Results for the three and six months ended June 30 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, July 31, 2018\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\n\n\nGRAND CAYMAN, Cayman Islands, July 31, 2018 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its unaudited results for the three and six months ended June 30, 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 June 30, 2018 (\"Second Quarter 2018\") were highlighted by a 2% increase in total customers, a $0.9 million increase in net earnings, when compared to the three months ending June 30, 2017 (\"Second Quarter 2017\") and $14.5 million in capital expenditures to meet customer growth and improve system reliability. \n\nNet earnings increased from $6.1 million in Second Quarter 2017 to $7.0 million in Second Quarter 2018. This increase was primarily due to higher electricity sales revenues booked in the quarter and other income. These items were partially offset by higher depreciation, transmission and distribution and maintenance costs.  \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.  The Company applied to the Utility Regulation and Competition Office (\"OfReg\") for a review of this shortfall to ensure revenue neutrality, which would provide for the same revenues as if billed under the previous energy only rates, and for an adjustment in the demand rate going forward.  \n\nIn June 2018, OfReg approved an increase of the large commercial demand rate going forward.  The Company was also granted approval to record the revenue shortfall of $1.0 million for the first ...