Business
CUC Announces Second Quarter Results for the Period Ended June 30th, 2013
Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the ...
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, 2013 /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 2013 (all\n figures in United States dollars).\n\n\nNet earnings for Caribbean Utilities Company (CUC) for the three months\n ended June 30, 2013 (\"Second Quarter 2013\") were $5.7 million, an\n increase of $0.6 million when compared to $5.1 million for the three\n months ended June 30, 2012 (\"Second Quarter 2012\").  This increase was\n due primarily to a 3% increase in kilowatt-hour sales (\"kWh\") and lower\n financing costs.\n\n\nMaintenance costs also declined as a result of the focus on\n capital-related generation upgrades during this period. These items\n were partially offset by higher depreciation costs.\n\n\nSales for the Second Quarter 2013 totalled 144.3 million kWh, an\n increase of 4.4 million kWh in comparison to 139.9 million kWh for the\n Second Quarter 2012. Quarter-over-quarter kWh sales were positively\n impacted by a 1% growth in overall customer numbers and less rainfall\n during the period under review.\n\n\nThe Second Quarter 2012 was negatively impacted by rainy weather\n conditions which reduced customer air conditioning load during that\n period.  The average monthly rainfall for the Second Quarter 2013 was\n 4.4 inches as compared to average monthly rainfall of 9.3 inches for\n Second Quarter 2012.\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 2013 were $5.6 million, or $0.19 per Class A Ordinary Share, an\n increase of $0.6 million from the $5.0 million, or $0.18 per Class A\n Ordinary Share for the Second Quarter 2012.\n\n\nPresident and CEO, Mr. Richard Hew, says, \"The Second Quarter 2013\n financial and operating results were stable. The Cayman Islands economy\n remains a concern for the Company and we continue to focus on costs and\n efficiencies while maintaining a safe and reliable service to our\n customers.\"\n\n\nIn November 2011, CUC issued a Certificate of Need for generation\n capacity to the Electricity Regulatory Authority (\"ERA\"). This was\n driv...