Caribbean Utilities earnings continue to rise

Wednesday, August 25, 2004

Caribbean Utilities Company’s (CUC) unaudited financial results for the quarter ended 31 July showed earnings for the power provider up once again.

Earnings for this quarter were US$6,344,357 compared with US$5,651,876 for the same period last year, a 12.25 percent increase.

Net generation also grew 7.96 percent over the same period last year. A new record peak load of 84.14 megawatts was achieved in June 2004.

Owing to a strengthening economy, increased numbers of customers, and higher use per customer, electricity sales revenue, excluding fuel factor revenue, rose 7.52 percent.

Fuel factor revenue increased 7.86 percent over the same period last year. Operating expenses increased by 4.67 percent because of rising power generation, transmission and distribution, as well as general depreciation and expenses, but the company reported generator maintenance costs were down.

The company’s General and Special Meeting is scheduled for 22 October and the company’s annual report will be dispatched to shareholders in September.

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