Business
CUC announces 2007 year-end unaudited financial results
CUC announces 2007 year-end unaudited financial results.
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nCLASS A ORDINARY SHARES LISTED FOR TRADING IN UNITED STATES FUNDS ON THE\n\n\nTORONTO STOCK EXCHANGE/TRADING SYMBOL: CUP.U\n\n\nGRAND CAYMAN, Cayman Islands, May 23 /CNW/ - Caribbean Utilities Company,\nLtd. ("CUC" or "the Company") announced today its unaudited financial results\nfor the year ended April 30, 2007 (all figures reported in United States\ndollars unless otherwise noted).\n\n\nInterim Return\n\n\nCUC has submitted to the Cayman Islands Government ("Government") its\nInterim Return containing its year-end 2007 unaudited results indicating that,\nsubject to final audit and review by Government, the Company, under its\ncurrent Licence, is entitled to a 4.5% rate increase effective August 1, 2007.\nThis shortfall on Return on Capital Employed (ROCE) is primarily a result of\nthe disposal of the 2.4 megaWatt (MW) steam system as part of a power plant\nrestructuring, increased operating expenses and infrastructure investment. CUC\nwill not seek to implement this rate increase, as it agreed with Government\nthat it would freeze its base rates during the period of the Hurricane Ivan\nCost Recovery Surcharge.\n\n\nCUC has not increased its base rates since 2002 and in the five-year\nperiod since will have foregone $16.9 million in total revenue, including\n$3.5 million representing the August 2007 entitlement.\n\n\nFinancial and Operational Highlights for the Year Ended April 30, 2007\n\n-------------------------------------------------------------------------\n 2007($) 2006($) Change($) Change %\n-------------------------------------------------------------------------\nOperating Revenue 158,859,861 135,676,977 23,182,884 17%\n-------------------------------------------------------------------------\n Electricity Sales 96,186,436 85,686,300 10,500,136 12%\n-------------------------------------------------------------------------\n Hurricane Ivan Cost\n Recovery Surcharge 4,541,093 3,035,493 1,505,600 50%\n-------------------------------------------------------------------------\n Fuel Factor 58,132,332 46,955,184 11,177,148 24%\n-------------------------------------------------------------------------\n Business\n Interruption\n Insurance - 6,078,760 (6,078,760) (100%)\n-------------------------------------------------------------------------\nPower Plant\n Restructuring\n Expenses 3,6...