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CUC Announces Third Quarter Results for the Period Ended September 30, 2015
CUC Announces Third Quarter Results for the Period Ended September 30, 2015 CUC An...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nCUC Announces Third Quarter Results for the Period Ended September 30, 2015\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCUC Announces Third Quarter Results for the Period Ended September 30, 2015\nCanada NewsWire\nGRAND CAYMAN, Cayman Islands, Nov. 6, 2015\n\n\n\nCaribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange.\n\n\n\nGRAND CAYMAN, Cayman Islands, Nov. 6, 2015 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its unaudited results for the Third Quarter ended September 30 2015 (all figures in United States dollars).\n\nNet earnings for the three months ended September 30, 2015 (\"Third Quarter 2015\") were $7.9 million, an increase of $1.7 million when compared to net earnings of $6.2 million for the three months ended September 30, 2014 (\"Third Quarter 2014\"). This increase was due mainly to higher electricity sales revenues, lower consumer services' costs, lower finance charges, and lower transmission and distribution costs.  These items were partially offset by higher depreciation and maintenance costs in the Third Quarter 2015.  Third Quarter 2014 consumer services' costs and transmission and distribution costs were negatively impacted by one-time provision adjustments.  \n\nAfter the adjustment for dividends on the preference shares of the Company, earnings on Class A Ordinary Shares for the Third Quarter 2015 were $7.8 million, or $0.25 per Class A Ordinary Share, compared to earnings on Class A Ordinary Shares of $6.1 million or $0.21 per Class A Ordinary Share for the Third Quarter 2014.  \n\nNet earnings for the nine months ended September 30, 2015 totalled $16.7 million, an increase of $1.3 million when compared to net earnings of $15.4 million for the nine months ended September 30, 2014. This increase was due mainly to higher electricity sales, lower finance charges, lower consumer services costs, and higher other income.  These items were partially offset by higher depreciation costs and lower foreign exchange...