Business
Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange under the trading symbol "CUP.U".
Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange under the trading symbol "CUP.U"..
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\n\nCUC Announces Second Quarter Results for the Period Ended\nOctober 31, 2006\n\nGRAND CAYMAN, Cayman Islands, Nov. 27 /CNW/ - Caribbean Utilities\nCompany, Ltd. (\"CUC\" or \"the Company\") announced today its unaudited results\nfor the second quarter ended October 31, 2006 (all figures in United States\ndollars).\n\"CUC completed a strong second quarter and half-year 2007 fiscal\nperformance due to a combination of strong organic growth and the hurricane\nrecovery,\" remarked Richard Hew, CUC President and Chief Executive Officer.\n\"Second quarter earnings on Class A Ordinary Shares were $6.7 million, or\n$0.27 per share, compared to $6.5 million, or $0.26 per share, for second\nquarter 2006. Year-to-date earnings on Class A Ordinary Shares were\n$14.4 million, or $0.57 per share, a 9% increase over $13.2 million, or $0.52\nper share, in fiscal 2006.\"\nOperating revenues for the second quarter were $42.9 million, a 19%\nincrease over $35.9 million for the same period last year. Operating revenues\nfor the six months ended October 31, 2006 totaled $84.2 million, a 24%\nincrease from $67.7 million for the first six months of fiscal 2006.\nSecond quarter electricity sales increased 10% over last year to\n134.6 million kiloWatt-hours (\"kWh\"). Year-to-date electricity sales increased\n12% to 265.6 million kWh. Fiscal 2007 sales growth is forecasted at 10%. Total\ncustomers as at October 31, 2006 were 22,052, an increase of 9% over last\nyear. Generating capacity at quarter-end was 120 MW, and CUC reached a new\nrecord peak load of 86.8 MW in October.\nReliability to customers for the second quarter, as measured by the\nAverage Service Availability Index, was 99.92% compared to 99.82% a year ago.\nYear-to-date reliability was 99.93% compared to 99.81% a year ago. CUC\nrecently completed two capital projects that will greatly improve reliability:\n(1) the refurbished and upgraded engine room containing four hurricane-damaged\nCaterpillar units, totaling 16.8 MW, that have been restored and returned to\nservice; and (2) a newly installed 8.4 MW MAN gas turbine that is also\navailable for service.\n\"Rising fuel costs in spring and summer 2006 significantly affected our\ncustomers through an increased fuel factor,\" noted Mr. Hew. \"While we have no\ncontrol over fuel price fluctuations, we are concerned about their impact ...