Caribbean’s Biggest Water Supplier’s Sales Drop on Island RainsRandall Hackley
Consolidated Water Co., the Caribbean’s largest publicly traded water supplier, reported a 30 percent drop in third-quarter profit as retail sales fell on its home island in the Caymans.
Net income slid from $1.3 million in the year-earlier period as larger customers on the island, popular for its beach resorts, purchased lower volumes of water “likely due to greater rainfall,” the Georgetown, Cayman Islands-based company said in a statement.
Consolidated Water has expanded this year beyond the Caribbean with a 100 million gallon per day water-purifying desalination pilot plant in Rosarito in northern Baja California, Mexico, that’s completed its first phase and a seawater reverse-osmosis facility on Indonesia’s Bali island.
Consolidated Water operates water production and distribution facilities in the Caymans, Bahamas, Belize and the British Virgin Islands. The shares have doubled this year in New York trading compared with a 6.3 percent gain by the 20-member Bloomberg World Water Index.