Business
CUC Announces Second Quarter Results for the Period Ended October 31, 2007
Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto S...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nCaribbean Utilities Company, Ltd. is listed for trading in United States\n\n\ndollars on the Toronto Stock Exchange under the trading symbol "CUP.U".\n\n\nGRAND CAYMAN, Cayman Islands, Nov. 26 /CNW/ - Caribbean Utilities\nCompany, Ltd. ("CUC" or "the Company") announced today its unaudited results\nfor the second quarter ended October 31, 2007 (all figures in United States\ndollars).\n\n\n"We continued to experience growth in demand for electricity in the\nsecond quarter of fiscal 2008 as commercial and residential construction\ncontinued at a healthy pace. Electricity sales were up 4% over fiscal 2007 and\na new peak load high of 92.7 MW was achieved despite above average rainfall\nand below average temperatures resulting in reduced air conditioning use,"\nremarked Richard Hew, CUC President and Chief Executive Officer.\n\n\nSecond quarter earnings on Class A Ordinary Shares were $6.1 million or\n$0.24 per share, compared to $6.7 million or $0.27 per share for the second\nquarter of fiscal 2007. Earnings on Class A Ordinary Shares for the six month\nperiod were $13.4 million or $0.53 per Class A Ordinary Share, compared to\n$14.4 million or $0.57 per Class A Ordinary Share, for the six months ended\nOctober 31, 2006. The 7% decline in earnings per share for the six month\nperiod was due to higher transmission and distribution and generator\nmaintenance expenses partially offset by 6% kiloWatt-hour ("kWh") sales\ngrowth.\n\n\nOperating revenues for the second quarter were $45.6 million, a 6%\nincrease over $42.9 million for the same period last year. This $2.7 million\nincrease was driven by strong kWh sales growth and an 8% increase in fuel\nfactor revenues, which were offset by higher fuel expenses. Total electricity\nsales for the quarter increased 4% to 139.7 million kWh from 134.6 million kWh\nfor the same period last year. Total customers as at October 31, 2007 were\n23,428, an increase of 6% over last year. Total operating expenses increased\n9% to $37.4 million and were primarily driven by higher power generation and\nmaintenance expenses.\n\n\nDemand peaked in August at 92.7 MW, a 9% increase over the same period\nlast year, but was reliably met by the Company's 136.6 MW of installed\ngenerating capacity. Customers experienced an Average System Availability\nInde...