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Consolidated Water Profit Climbs on Virgin Islands Settlement

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May 13 (Bloomberg) -- Consolidated Water Co., 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.

Link to Company News:{CWCO US <Equity> CN <GO>}

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

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