CUC results up

Caribbean Utilities Company
announced growth in sales and customers in its unaudited results for the three
month period ended 31 March, 2010.

President and Chief Executive
Officer Richard Hew said the company had added 830 new customers since March
last year.

“Despite slowed economic activity
on the island; we continue to experience growth in our residential customer
base with 830 total new customer connections since 31 March, 2009 bringing
total customers to 25,676, an increase of 3 per cent. This was the major
contributor to an overall kilowatt hour sales increase of 3 per cent,” he said.

He added that the company had
“effectively responded to slower growth in demand through expenditure cuts and
has increased its operational focus on efficiency and reliability”.

Net earnings for the first quarter
2010 were US$2.46 million, slightly higher than the net earnings of US$2.44
million for the three months ended 31 March, 2009.

Higher kilowatt hour sales and
lower general and administrative expenses during the period contributed to the
increase. These were partially offset by higher maintenance, depreciation and
financing costs.

After adjustment for dividends on
the Class B Preference Shares, earnings per Class A Ordinary Share for the
first quarter 2010 were US$2.3 million, or US$0.08 per Class A Ordinary Share,
comparable to the three months ended March 31, 2009.

During the first quarter 2010, the
company made capital expenditures of US$6.1 million, a US$3.1 million, or 34
per cent decrease from US$9.2 million for the three months ended 31 March,
2009.

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1 COMMENT

  1. Isnt’ it amazing. I mean, this island holds only 55K people. Yet, not once have I ever seen CUC ever feel this recession.

    when a company on an island this small makes a profit of 10 to 20 million dollars at the end of the year. Gee. Maybe it’s time to get some sort of government run electricity.

    mini nukes anyone?

    Who here is tired of electricity bills that are through the roof. When a a house hold who keeps their air con at 77F. Has all energy saver light bulbs (and never more than 3 on at a time for a combined total of 39 watts) and still pays 350 a month for electricty for two people. Maybe we need to start reevaluating CUC’s operating procedure.

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