Business
CUC Announces Second Quarter Results for the Period Ended October 31, 2008
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\ndollars on the Toronto Stock Exchange under the trading symbol "CUP.U".\n\n\nGRAND CAYMAN, Cayman Islands, Nov. 27 /CNW/ - Caribbean Utilities\nCompany, Ltd. ("CUC" or "the Company") announced today its unaudited results\nfor the second quarter ended October 31, 2008 (all figures in United States\ndollars).\n\n\n"We continued to experience growth in demand for electricity in the\nsecond quarter of fiscal 2009 as ongoing commercial and residential\nconstruction projects came online. Electricity sales were up 4 per cent over\nthe second quarter of fiscal 2008 despite above average rainfall and below\naverage temperatures during the month of October. A new peak load high of \n93.7 MW was achieved in August," remarked Richard Hew, CUC President and Chief\nExecutive Officer. He added that the Company continues to monitor the\nweakening global economic indicators and to assess the potential impact on the\ngrowth of electricity sales in Grand Cayman.\n\n\nSecond quarter earnings on Class A Ordinary Shares were $5.3 million or\n$0.18 per share, compared to $6.1 million or $0.24 per share for the second\nquarter of fiscal 2008. Earnings on Class A Ordinary Shares for the six month\nperiod were $10.0 million or $0.37 per Class A Ordinary Share, compared to\n$13.3 million or $0.53 per Class A Ordinary Share, for the six months ended\nOctober 31, 2007. The 30 per cent decline in earnings per share for the six\nmonth period was due principally to the removal of the Hurricane Ivan Cost\nRecovery Surcharge and a 3.25 per cent rate reduction, both in January of\n2008, partially offset by 4 per cent kiloWatt-hour ("kWh") sales growth.\n\n\nOperating revenues for the second quarter were $63.2 million, a 32%\nincrease over $44.6 million for the same period last year. This $17.6 million\nincrease was driven principally by a 54 per cent increase in fuel factor\nrevenues, which were offset by higher fuel expenses. Total electricity sales\nfor the quarter increased 4 per cent to 145.8 million kWh from 139.7 million\nkWh for the same period last year. Total customers as at October 31, 2008 were\n24,430, an increase of 4 per cent over last year. Total operating expenses\nincreased 52 per cent to $57 million and were primari...