CUC releases their 2004 audited financial results

Monday, August 9, 2004

Caribbean Utilities Company, Ltd (CUC) announced a 1.01 percent decline in earnings after releasing its audited financial results for the fiscal year ended 30 April last week. The earnings figures were down to US$19.986,779 million from US$20,414,391.

The lower earnings however, were due mostly to an unexpected tariff reduction of three percent in November 2003, as well as increases in operating costs, due to high fuel prices in the fourth quarter, interest and depreciation expenses, as well as early retirement packages for personnel.

There was growth, however, in both the generation of and sales of electricity, with basic electricity sales revenue increasing 6.43 percent over last year.

CUC reached a record peak load in August last year, of 79.06 megawatts, surpassing last year’s peak by 2.6 percent.

Although a head of agreement was signed earlier this summer, CUC is still in negotiations with the government concerning a renewal of its licence, so it has deferred the decision to exercise an entitled three percent rate increase.

Price increases will be on hold until the government negotiations are over, the company said.

Back...