Business
Caribbean Utilities Company, Ltd Announces Unaudited Results for the three and six months ended June 30 2021
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 \n Caribbean Utilities Company, Ltd Announces Unaudited Results for the three and six months ended June 30 2021\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 \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 July 29, 2021\n \n /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its unaudited results for the three and six months ended\n \n June 30, 2021\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 The results for the Company for the three months ending\n \n June 30, 2021\n \n (\"Second Quarter 2021\" or \"Q2 2021\") reflect the reopening of businesses and the start of the economic recovery following the COVID -19 pandemic as this period recorded an increase in sales and earnings as well as an increase in the customer base.\n \n \n Operating income for Q2 2021 totalled\n \n $8.9 million\n \n , an increase of\n \n $3.3 million\n \n when compared to operating income of\n \n $5.6 million\n \n for the three months ending\n \n June 30, 2020\n \n (\"Second Quarter 2020\" or \"Q2 2020\").  The increase is primarily attributable to higher electricity sales revenues and lower depreciation, maintenance, and consumer services expenses.\n \n \n Net earnings for Q2 2021 totalled\n \n $8.6 million\n \n , an increase of\n \n $4.1 million\n \n from\n \n $4.5 million\n \n in Q2 2020. In addition to the items impacting operating income, net earnings were also positively impacted by lower finance charges driven by lower long-term debt interest charges and higher Allowance for Funds Used During Construction (\"AFUDC\").\n \n \n After the adjustment for dividends on the preference shares of the Company, earnings on Class A Ordinary Shares for Q2 2021 were\n \n $8.4 million\n \n , or\n \n $0.23\n \n per Class A Ordinary Share, compared to earnings on Class A Ordinary ...