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Caribbean Utilities Company, Ltd Announces Third Quarter Results for the Period Ended September 30, 2019

Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange. GRAND CAYMAN, Cayman Islands, Nov. 1, 2019 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) ("CUC" or "the Company") announced today its unaudited results for the three months ended September 30, 2019 ("Third Quarter" or "Q3 2019) (all figures in United States dollars).President and CEO, Mr. Richard Hew, says, "Third Quarter 2019 continued a trend of positive quarterly financial results for the Company. The record level of electricity demanded by our customers is being met in a safe and efficient manner by the continuous reinvestment in modern equipment and development of our people. Year to date the Company has invested $43.7 million in the physical infrastructure required to meet present and future customer service requirements. Major projects such as the new Seven Mile Beach and Prospect substations, the control room and control system ("SCADA") are progressing as planned and we look forward to commencing the recently approved battery storage project and connecting more renewable energy to the grid as outlined by the Integrated Resource Plan.A  The Company expects that the initial savings to the customers from the battery storage project will be approximately $1 million per annum."A A  The Company anticipates investing over $270 million towards system extension and upgrades during the next five years, in-line with the recently approved 2019-2023 Capital Investment Plan.CUC's operating income for Q3 2019 totalled $9.7 million, an increase of $0.3 million when compared to operating income of $9.4 million for the three months ended September 30, 2018 ("Third Quarter 2018" or "Q3 2018").A  The increase is primarily attributable to higher electricity sales revenues which was partially offset by higher depreciation and maintenance expenses.
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