Higher sales boost CUC profits
(CNS Business): Caribbean Utilities Company has revealed an increase on its third quarter earnings for 2017 when compared to the same period last year of $300,000 due to a 5% increase in sales. The third quarter 2017 was $7.7 million compared to net earnings of $7.4 million for the three months ended September 30, 2016. However, net earnings for the nine months of the year so far have fallen on last year’s earnings by $1.5 million, due mainly to higher depreciation and finance charges. Sales were positively impacted, CUC said in its third quarter report, by an increase in average residential consumption and a growth in customer numbers.
The total number of customers as at 30 September 2017 was 29,017, an increase of 519, or 2%, compared to 28,498 customers as at 30 September 2016. On 29 August 2017, CUC experienced a new system peak load of 105.6MW. CUC’s installed generating capacity is 161 MW.
“CUC remains committed to providing least-cost, safe, and reliable electricity service to our consumers,” said President and CEO, Richard Hew. “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 40MW plant. In addition, we achieved the Investors in People Gold standard during this Quarter, our customer numbers increased and we experienced a new peak load. Investors in People is a business improvement tool designed to advance an organisation’s performance through its people. As a result, the company is well-positioned to achieve its overall objectives for this financial year,” he added.
Visit CUC’s website here to see the full report.
Category: Local Business, Utilities
