Business
CUC Announces Third Quarter Results for the Period Ended September 30, 2017
CUC Announces Third Quarter Results for the Period Ended September 30, 2017 Canada...
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, 2017\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nGRAND CAYMAN, Cayman Islands, Nov. 3, 2017\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. 3, 2017 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its unaudited results for the Third Quarter ended September 30, 2017 (all figures in United States dollars).\n\n\n \n \n\n\n\n\n\n\n\n \nNet earnings for the three months ended September 30, 2017 (\"Third Quarter 2017\") totalled $7.7 million, an increase of $0.3 million when compared to net earnings of $7.4 million for the three months ended September 30, 2016 (\"Third Quarter 2016\"). This increase was due mainly to a 5% increase in kWh sales. This item was partially offset by higher depreciation and general and administration costs.\n\nNet earnings for the nine months ended September 30, 2017 totaled $18.3 million, a decrease of $1.5 million when compared to net earnings of $19.8 million for the nine months ended September 30, 2016. This decrease was due mainly to higher depreciation and finance charges.  These items were partially offset by higher electricity sales revenues.\n\nAfter the adjustment for dividends on the preference shares of the Company, earnings on Class A Ordinary Shares were $7.6 million and $18.0 million, or $0.23 and $0.55, respectively, for Third Quarter 2017 and the nine months ended September 30, 2017, compared to earnings on Class A Ordinary Shares of $7.3 million and $19.5 million, or $0.22 and $0.60, respectively, per Class A Ordinary Share for Third Quarter 2016 and the nine months ended September 30, 2016.\n\nCapital expenditures for the three months ended September 30, 2017 were $11.0 million, a $2.6 million, or 31% increase from $8.4 million in capital expenditures for the three months ended September 30, 2016.  Capital expenditures for the ...