Consolidated Water profit climbs on Virgin Islands settlement
By Randall Hackley, Bloomberg Businessweek
Consolidated Water Co. (CWCO), a seawater desalination plant operator and developer in the Caribbean, reported a 60 percent increase in first-quarter profit, helped by a settlement over water delivered to the British Virgin Island government.
Net income rose to $3.7 million from $2.3 million a year earlier, buoyed by $1.08 million in earnings and profit-sharing from Consolidated Water’s equity investment in its OC-BVI affiliate for water supplied by the Baughers Bay plant on Tortola, the George Town, Cayman Islands-based water company said in a May 10 statement. Revenue for the quarter slipped 1 percent to $16.6 million from a year earlier.
Consolidated Water shares have climbed 47 percent the past year. It operates water production and distribution facilities in the Cayman Islands, the British Virgin Islands, Bahamas and Belize.
To contact the reporter on this story: Randall Hackley in London at [email protected]
To contact the editor responsible for this story: Randall Hackley at [email protected]
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“Finally, the British Virgin Islands dispute, which has simmered on for over two years, has come to a boil. A lot has changed at BVI in the last few months; however, the story finally nears its end, with lost ownership of a water plant, non-cash impairment charges, and a $10 million court award for unpaid receivables.”
