Business
CUC Announces Third Quarter Results for the Period Ended January 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\n\n\ndollars on the Toronto Stock Exchange under the trading symbol "CUP.U".\n\n\nGRAND CAYMAN, Cayman Islands, March 12 /CNW/ - Caribbean Utilities\nCompany, Ltd. ("CUC" or "the Company") announced today its unaudited results\nfor the third quarter ended January 31, 2008 (all figures in United States\ndollars).\n\n\nSales for the third quarter of fiscal 2008 reflected continuing economic\ngrowth in Grand Cayman at 129.3 million kilowatt hours ("kWh"), up 6% from\n121.8 million kWh for the same period in fiscal 2007. Net earnings were\n$5.3 million, up $5.9 million from losses of $0.6 million for the third\nquarter of fiscal 2007. The increase results from power plant restructuring in\nfiscal 2007, sales growth, lower maintenance costs and the movement in fuel\ncost deferral. Positive earnings impacts were partially offset by the\ntermination of the Hurricane Ivan Cost Recovery surcharge and the introduction\nof restructured lower electricity rates effective January 1, 2008. Earnings on\nClass A Ordinary Shares were $5.1 million or $0.204 per Class A Ordinary\nShare, as compared to losses of $0.7 million or $0.033 per Class A Ordinary\nShare for the third quarter of fiscal 2007.\n\n\nYear-to-date net earnings were $19.3 million compared to $14.3 million\nfor the same period in fiscal 2007. Earnings on Class A Ordinary Shares for\nthe nine months ended January 31, 2008 were $18.5 million, or $0.732 per Class\nA Ordinary Share, a 35% increase from $13.7 million or $0.541 per Class A\nOrdinary Share for the nine months ended January 31, 2007. Earnings on Class A\nOrdinary Shares were 6% higher compared to earnings on Class A Ordinary Shares\nfor the nine months ended January 31, 2007, excluding the Power Plant\nRestructuring, of $0.691.\n\n\n"As we approach fiscal 2008 year-end, our primary objective is to\nconclude the licence negotiations and provide greater focus on our day to day\noperations to further enhance value to our stakeholders," remarked Richard\nHew, CUC President and Chief Executive Officer. "CUC remains committed to\nsupporting the continued steady growth in Grand Cayman through disciplined\nmanagement, engineering expertise, established strategic alliances and the\nintegration of n...