Consolidated Water Profit Climbs on Virgin Islands Settlement

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 Georgetown, 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 rhackley@bloomberg.net

To contact the editor responsible for this story: Randall Hackley at rhackley@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.