Business
CUC Announces Third Quarter Results for the Period Ended September 30th, 2013
Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the T...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\nCaribbean Utilities Company, Ltd. is listed for trading in United States\n dollars on the Toronto Stock Exchange\n\n\nGRAND CAYMAN, Cayman Islands, Nov. 1, 2013 /CNW/ - Caribbean Utilities\n Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its\n unaudited results for the Third Quarter ended September 30th 2013 (all figures in United States dollars).\n\n\nNet earnings for the three months ended September 30, 2013 (\"Third\n Quarter 2013\") totalled $6.0 million, a decrease of $0.6 million when\n compared to $6.6 million for the three months ended September 30, 2012\n (\"Third Quarter 2012\").  This decrease was due primarily to higher\n depreciation and finance charges and flat electricity sales revenues.\n These items were partially offset by lower general and administration\n and maintenance costs.   Maintenance costs declined due to the nature\n of certain scheduled capital projects for 2013 which are deemed to\n result in upgrades that extend the life or increase the output of\n generating units.\n\n\nAfter the adjustment for dividends on the preference shares of the\n Company, earnings on Class A Ordinary Shares for the Third Quarter 2013\n were $5.9 million, or $0.21 per Class A Ordinary Share, a decrease of\n $0.6 million from the $6.5 million, or $0.22 per Class A Ordinary Share\n for the Third Quarter 2012.\n\n\nSales for the Third Quarter 2013 totalled 145.7 million kiloWatt\n (\"kWh\"), a decrease of 3.4 million kWh in comparison to 149.1 million\n kWh for the Third Quarter 2012.  Third Quarter 2013 kWh sales were\n negatively impacted by a reduction in customer air conditioning load\n due to wetter weather conditions, when compared to the same period last\n year.  The average monthly rainfall for the Third Quarter 2013 was 7.6\n inches as compared to average monthly rainfall of 6.5 inches for Third\n Quarter 2012.\n\n\nTotal customers as at September 30, 2013 were 27,176, an increase of 282\n customers, or 1%, compared to 26,894 customers as at September 30,\n 2012. Customer numbers continue to grow but at a slower rate when\n compared to recent quarters.\n\n\nPresident and CEO, Mr. Richard Hew, says, \"Flat sales combined with\n higher finance and depreciation charges stemming from our long-term\n commitment to investment in infrastructure which is required to provide\...