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CUC Announces Unaudited Fourth Quarter and Twelve Month Results for the Period Ended December 31, 2015
CUC Announces Unaudited Fourth Quarter and Twelve Month Results for the Period Ended Decem...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nCUC Announces Unaudited Fourth Quarter and Twelve Month Results for the Period Ended December 31, 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 Unaudited Fourth Quarter and Twelve Month Results for the Period Ended December 31, 2015\nCanada NewsWire\nGRAND CAYMAN, Cayman Islands, Feb. 18, 2016\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, Feb. 18, 2016 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its unaudited results for the Fourth Quarter and Twelve Months ended December 31, 2015 (all figures in United States dollars).\n\nNet earnings for the three months ended December 31, 2015 (\"Fourth Quarter 2015\") were $6.2 million, a $0.8 million increase when compared to $5.4 million for the three months ended December 31, 2014 (\"Fourth Quarter 2014\").  This increase is attributable to an 8% growth in kilowatt-hour (\"kWh\") sales and lower finance charges in the Fourth Quarter 2015.  These items were partially offset by higher consumer services, general and administration, depreciation, and maintenance costs for the Fourth Quarter 2015 when compared to the Fourth Quarter 2014.    \n\nNet earnings for the twelve months ended December 31, 2015 were $22.8 million, a $2.0 million increase from net earnings of $20.8 million for the twelve months ended December 31, 2014. This increase is attributable to a 3% growth in kWh sales, 1.5% and 0.9% base rate increases effective June 1, 2014 and June 1, 2015 respectively, lower finance charges and higher other income.  These items were partially offset by higher depreciation, maintenance and general and administration costs.\n\nWith the market price of lubricating and fuel oil trending downwards in 2015, customers have seen a significant reduction in the Fuel Cost Charge rate per kWh on their electricity bills. \n\nThe average Fuel Cost Charge rate per kWh charged to consumers for the Fourth Quarter 2015 was $0...