Customers cut CUC profits with cut in usage

(CNS Business): Grand Cayman’s power supplier saw a fall in profits last year as a result of cooler weather, energy conservation and increased costs, the firm said. In its unaudited results for last year Caribbean Utilities Company (CUC) said its earnings at the end of 2012 were $17.7 million, representing a 13% or $2.7 million decrease from earnings of $20.4 million in 2011. Although its customer base increased, the power firm pointed to number of issues relating to customer behaviour as well as depreciation as the cause of its fall in profits. Richard Hew, President and Chief Executive Officer of the firm, said 2012 was the third year in a row without any appreciable growth in power sales for the company. Read more on CNS Business