Rain dampens CUC profit for third quarter
(CNS Business): Grand Cayman’s monopoly power provider said that earnings fell in the third quarter of 2013 due to flat sales and an inch more rain in the summer compared to 2012, but the Caribbean Utilities company (CUC) is still on target for a more profitable year. Net earnings for the three months ending 30 September 2013 totalled $6 million, which is $600,000 less than earnings for the same three months last year. The combination of more rain, flat sales, higher depreciation and finance charges dampened profits but earnings for the year so far are still more than $1 million higher than earnings during the first nine months of 2013, maintaining what the CEO described as a positive outlook. Read more on CNS Business
Category: Business
