Caribbean Utilities Company, Ltd. announced third quarter net earnings of $7.7 million, an increase of $0.3 million compared to the same period last year. While a 5 percent increase in kWh sales supported net earnings, higher depreciation and general and administration costs partially offset the effect.
However, for the first nine months of 2017, net earnings of $18.3 million were down by $1.5 million year-on-year due to higher depreciation and finance charges.
CUC President and CEO Richard Hew said, “The company’s third-quarter and year to-date results are in line with expectations, considering that 2017 is the first full year of costs associated with the 40 MW plant.”
The company’s third quarter capital expenditures increased compared to 2016 but declined 7 percent for the first nine months of the year.
Third quarter sales were up 5 percent and year-to-date sales were up 3 percent compared to 2016, both as a result of an increase in average residential consumption and due to higher overall customer numbers year-on-year.
The total number of CUC customers grew by 2 percent to 29,017 as of Sept. 30.
The growing demand also showed in the grid load. On Aug. 29, CUC experienced a new system peak load of 105.6 MW. CUC’s installed generating capacity is 161 MW.
In addition, CUC achieved the Investors in People Gold standard, Mr. Hew said.
“Investors in People is a business improvement tool designed to advance an organization’s performance through its people,” he said. “As a result, the company is well-positioned to achieve its overall objectives for this financial year.”