Business
CUC Announces Second Quarter Results for the Period Ended June 30, 2014
Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the T...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\nCaribbean Utilities Company, Ltd. is listed for trading in United States\n dollars on the Toronto Stock Exchange.\n\n\nGRAND CAYMAN, Cayman Islands, Aug. 1, 2014 /CNW/ - Caribbean Utilities\n Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its\n unaudited results for the Second Quarter ended June 30, 2014 (all\n figures in United States dollars).\n\n\nNet earnings for the three months ended June 30, 2014 (\"Second Quarter\n 2014\") totalled $5.7 million, comparable to the net earnings for the\n three months ended June 30, 2013 (\"Second Quarter 2013\").  Higher\n electricity sales revenues in the Second Quarter 2014 were offset\n primarily by higher consumer service and maintenance costs.\n\n\nAfter the adjustment for dividends on the preference shares of the\n Company, earnings on Class A Ordinary Shares for the Second Quarter\n 2014 were $5.6 million, or $0.20 per Class A Ordinary Share, comparable\n to earnings on Class A Ordinary Shares and earnings per Class A\n Ordinary Share for the Second Quarter 2013.\n\n\nNet earnings for the six months ended June 30, 2014 totalled $9.2\n million, an increase of $0.6 million when compared to $8.6 million for\n the six months ended June 30, 2013. This increase was due primarily to\n higher electricity sales revenues and lower depreciation costs.  These\n items were partially offset by higher consumer service and finance\n charges.\n\n\nAfter the adjustment for dividends on the preference shares of the\n Company, earnings on Class A Ordinary Shares for the six months ended\n June 30, 2014 were $9.0 million, or $0.31 per Class A Ordinary Share,\n an increase of $0.6 million from the $8.4 million, or $0.29 per Class A\n Ordinary Share for the six months ended June 30, 2013.\n\n\nSales for the Second Quarter 2014 totalled 144.5 million kilowatt-hours\n (\"kWh\"), an increase of 0.2 million kWh when compared to 144.3 million\n kWh for the Second Quarter 2013. Sales for the six months ended June\n 30, 2014 totaled 275.2 million kWh, an increase of 5.5 million kWh in\n comparison to 269.7 million kWh for the six months ended June 30,\n 2013.  Sales for the Second Quarter 2014 and the six months ended June\n 30, 2014 were positively impacted by warmer weather conditions and an\n increased number of customers when compared to the same periods last\n y...