Consolidated Water Profit Climbs on Virgin Islands SettlementRandall Hackley
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.