CUCEarnings Up
The Caribbean Utilities Company has declaredan increase from 0.73 US cents to 0.78 US cents per Class A OrdinaryShare in its fiscal year 2001, ended April 30, performance overthe previous year.
The company said it also has experienceda 6.7 per cent rise in net electricity generation from 398 millionkilowatts in reporting year 2000 to 424.7 million kilowatts forthis year and influenced by the historical growth trends alongwith an expected Central Planning Authority approval of its developmentdemand growth for power is forecast to remain above six per cent.
The Company's 2001 Annual Report containingthe audited financial statements will be sent to shareholdersin September 2001. The Annual General Meeting of shareholdersis scheduled for 26 October in Grand Cayman. CUC's Class A OrdinaryShares and 85 Class C, Series 2 Preferences Shares are listedfor trading in United States funds on The Toronto Stock Exchange(trading symbols CUP, U and CUP.PR.U).
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| Fourth Quarter | Annual Quarter | ||||
| Change | 2001 | 2000 | 2001 | 2000 | % |
| Operating Revenue (US$) | 21,223,449 | 19,249,650 | 90,089,070 | 76,469,248 | 17.8% |
| Earnings for the Year (US$) | 4,479,215 | 5,072,539 | 19,305,901 | 17,990,775 | 7.3% |
| Earnings per Ordinary Share (US¢) | 0.18 | 0.20 | 0.78 | 0.73 | 6.8% |
| Net Generation (kwh) | 101,915,227 | 96,415, 893 | 424,706,586 | 398,087,817 | 6.7% |
| Net Generation Sales (kwh) | 92,631,28 | 87,887,025 | 393,275,419 | 369,422,895 | 6.5% |
| Peak Load Gross (MW) | 65.9 | 65.8 | 70.1 | 65.8 | 6.5% |
| Total Customers | n/a | n/a | 19,198 | 18,463 | 4.0% |