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Caribbean Utilties Company, Ltd Announces Third Quarter Results for the Period Ended September 30th, 2021
Caribbean Utilties Company, Ltd Announces Third Quarter Results for the Period Ended Sept...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n \n \n \n Caribbean Utilties Company, Ltd Announces Third Quarter Results for the Period Ended September 30th, 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 Oct. 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 nine months ended\n \n September 30\n \n , 2021 (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, 2021\n \n (\"Third Quarter 2021\" or \"Q3 2021\") were stable considering the impact that the COVID-19 pandemic continues to have on the economy of the Cayman Islands with the tourism sector remaining closed.\n \n \n Net earnings for Q3 2021 totalled $10.1 million, a decrease of\n \n $0.3 million\n \n when compared to\n \n $10.4\n \n million for the three months ending\n \n September 30\n \n , 2020 (\"Third Quarter 2020\" or \"Q3 2020\").  The decrease is primarily attributable to lower operating income, partially offset by lower finance charges and higher foreign exchange gains.\n \n \n The Company successfully completed a Rights Offering (the \"Offering\") on\n \n October 29, 2020\n \n and raised gross proceeds of\n \n $47.8 million\n \n through the issue of 3,359,362 Class A Ordinary Shares at a price of\n \n $14.24\n \n per Class A Ordinary Share. The net proceeds of the Offering were used to repay short-term debt and to finance capital projects.\n \n \n After the adjustment for dividends on the preference shares of the Company, earnings on Class A Ordinary Shares for Q3 2021 were\n \n $10.0 million\n \n , or\n \n $0.26\n \n per Class A Ordinary Share, comp...