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CUC Announces First Quarter Results for the Period Ended March 31 2016
CUC Announces First Quarter Results for the Period Ended March 31 2016 CUC Announc...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nCUC Announces First Quarter Results for the Period Ended March 31 2016\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\nCUC Announces First Quarter Results for the Period Ended March 31 2016\nCanada NewsWire\nGRAND CAYMAN, Cayman Islands, May 3, 2016\n\n\n\nCaribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange. \n\n\n\nGRAND CAYMAN, Cayman Islands, May 3, 2016 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its unaudited results for the First Quarter ended March 31 2016 (all figures in United States dollars).\n\nSales for the three months ended March 31, 2016 (\"First Quarter 2016\") totalled 135.6 million kilowatt-hour (\"kWh\"), an increase of 6.6 million kWh in comparison to 129.0 million kWh for the three months ended March 31, 2015 (\"First Quarter 2015\"). This 5% sales growth was driven by warmer weather conditions and an increase in customer numbers.\n\nOperating income for First Quarter 2016 totalled $5.1 million, an increase of $0.6 million when compared to operating income of $4.5 million for First Quarter 2015.  The increase is attributable to the 5% kWh sales growth and lower general and administration costs.  These items were partially offset by higher depreciation, maintenance and amortization costs.\n\nIn addition to the factors positively impacting operating income, net earnings increased as a result of higher capitalization of interest expenses through the Allowance for Funds Used During Construction (\"AFUDC\") of $1.9 million in First Quarter 2016 when compared to $0.9 million in First Quarter 2015.  The increase in AFUDC, and resulting reduction in Finance Charges, is due primarily to the Company's ongoing 39.7 MW Generation Project.  AFUDC is the capitalisation of Financing Cost which is calculated by multiplying the Company's Cost of Capital rate by the average construction work in progress for each month.\n\nNet Earnings for the First Quarter 2016 totalled $5.0 million, an increase of $1.7 million when compared to...