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CUC Announces First Quarter Results for the Period Ended March 31, 2019
CUC Announces First Quarter Results for the Period Ended March 31, 2019 Canada New...
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, 2019\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\nCanada NewsWire\nGRAND CAYMAN, Cayman Islands, May 1, 2019\n\n\n\nCaribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange under the trading symbol \"CUP.U\". \n GRAND CAYMAN, Cayman Islands, May 1, 2019 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its consolidated unaudited results for the three months ended March 31, 2019 (all figures in United States dollars).\n\n \n \n\n\n\n\n\n\n\n \nFor the three months ended March 31, 2019 (\"Q1 2019\"), the Company recorded net earnings of $4.5 million, an increase of $1.8 million from $2.7 million for the three months ended March 31, 2018 (\"Q1 2018\"). The increase in net earnings is due primarily to a 4% increase in kilowatt hour (\"kWh\") sales, lower transmission and distribution costs and lower finance charges.  The comparative earnings were also impacted by the $0.6 million demand rate implementation revenue shortfall in Q1 2018.  \nAfter the adjustment for dividends on the preference shares of the Company, earnings on Class A Ordinary Shares for Q1 2019 were $4.4 million or $0.13 per Class A Ordinary Share, compared to earnings on Class A Ordinary Shares of $2.6 million, or $0.08 per Class A Ordinary Share for Q1 2018.\nCapital expenditures for Q1 2019 totaled $11.9 million, a $2 million increase when compared to $9.9 million for Q1 2018.  Capital investments for Q1 2019 included the new Seven Mile Beach substation.  This project will increase safety, system reliability and resiliency and will accommodate load growth within the popular Seven Mile Beach tourist area for decades to come.  \nThe Cayman Islands Economics and Statistics Office (\"ESO\") issued the 2018 Third Quarter Economic Report in March 2019.  The report indicated that the Gross Domestic Product (\"GDP\") expanded by an estimated 3.6% in the first nine months of 2018.  This economic...