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 Toronto Stock Exchange
GRAND CAYMAN, Cayman Islands, Nov. 1, 2013 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) ("CUC" or "the Company") announced today its unaudited results for the Third Quarter ended September 30 th 2013 (all figures in United States dollars).
Net earnings for the three months ended September 30, 2013 ("Third Quarter 2013") totalled $6.0 million, a decrease of $0.6 million when compared to $6.6 million for the three months ended September 30, 2012 ("Third Quarter 2012"). This decrease was due primarily to higher depreciation and finance charges and flat electricity sales revenues. These items were partially offset by lower general and administration and maintenance costs. Maintenance costs declined due to the nature of certain scheduled capital projects for 2013 which are deemed to result in upgrades that extend the life or increase the output of generating units.
After the adjustment for dividends on the preference shares of the Company, earnings on Class A Ordinary Shares for the Third Quarter 2013 were $5.9 million, or $0.21 per Class A Ordinary Share, a decrease of $0.6 million from the $6.5 million, or $0.22 per Class A Ordinary Share for the Third Quarter 2012.Sales for the Third Quarter 2013 totalled 145.7 million kiloWatt ("kWh"), a decrease of 3.4 million kWh in comparison to 149.1 million kWh for the Third Quarter 2012. Third Quarter 2013 kWh sales were negatively impacted by a reduction in customer air conditioning load due to wetter weather conditions, when compared to the same period last year. The average monthly rainfall for the Third Quarter 2013 was 7.6 inches as compared to average monthly rainfall of 6.5 inches for Third Quarter 2012.
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