CUC profits boosted by warm weather

(CNS): Grand Cayman’s power provider has reported an increase in profit as a result of the warm weather in the final quarter of last year giving CUC a 3% boost in its annual earnings for 2011. Capital expenditure resulting from significant problems with its generators last year, including a number of explosions that led to blackouts, were covered by insurance, and the company stated it had saved money in the last quarter on maintenance, transmission and distribution costs. Although the high fuel prices and the 35% increase in the fuel factor for the twelve months ended 31 December compared to last was passed on to customers, it did not play a part in the profit, the firm stated, as it announced its annual figures on Thursday. Read more on CNS Business