Consolidated Water Co., the largest seawater desalination plant operator in the Caribbean, said second-quarter profit climbed 46 percent to $2.85 million from a year earlier. The shares rose today to a one-month high.
The stock has surged 48 percent the past year. The Georgetown, Cayman Islands-based company is expanding with projects that include a water-purifying desalination plant and pipeline in Baja California, Mexico, and commissioned 250,000 gallons a day of capacity using seawater reverse-osmosis for a resort in Nusa Dua on the Indonesian island of Bali.
Consolidated Water operates production and distribution facilities in the Caymans, Bahamas, Belize and the British Virgin Islands. Profit this year has been aided by a settlement over water delivered to the British Virgin Island government.