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Caribbean Utilities Company, Ltd Announces Unaudited Results for the three and six months ended June 30 2020
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 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, July 31, 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, July 31, 2020 /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, 2020 (all dollar amounts are stated in United States dollars).\n\n \n \n\n\n\n\n\n\n\n \nResults for the Company for the three months ending June 30, 2020 (\"Second Quarter 2020\" or \"Q2 2020\") reflect the impact COVID-19 has had on our business and Grand Cayman's economy.\nOperating income for Q2 2020 totalled $5.6 million, a decrease of $2.6 million when compared to operating income of $8.2 million for the three months ending June 30, 2019 (\"Second Quarter 2019\" or \"Q2 2019\").  The decrease is primarily attributable to lower electricity sales revenues and higher depreciation, maintenance and consumer services expenses.\nNet earnings for Q2 2020 totalled $4.5 million, a decrease of $3.4 million from $7.9 million for Q2 2019. In addition to the items impacting operating income, net earnings were also negatively impacted by higher finance charges driven by higher long-term debt and lower Allowance for Funds Used During Construction (\"AFUDC\").  \nAfter the adjustment for dividends on the preference shares of the Company, earnings on Class A Ordinary Shares for Q2 2020 were $4.4 million, or $0.13 per Class A Ordinary Share, compared to earnings on Class A Ordinary Shares of $7.8 million, or $0.24 per Class A Ordinary Share for Q2 2019.  \nOperating income for the six months ended June 30, 2020 totalled $10.4 million, a decrease of $2.8 million when compared to operating income of $13.2 million for the six months ended June 30, 2019.  The decrease is primarily attr...