Caribbean’s Biggest Water Provider Reports Drop in 2013 ProfitRandall Hackley
Consolidated Water Co., the largest publicly traded water provider in the Caribbean, reported a 7.7 percent drop in profit last year as retail sales declined at its Cayman Islands base.
Net income for 2013 was $8.6 million compared with $9.3 million a year earlier as earnings and profit-sharing from its British Virgin Islands affiliate OC-BVI also fell, the Georgetown-based company said in a statement. Total revenue slipped 2.5 percent to $63.8 million while services income climbed 80 percent to $843,000 as management fees increased.
Consolidated Water also operates water production and distribution facilities in the Bahamas and Belize and expanded beyond the Caribbean with a seawater reverse-osmosis facility on Indonesia’s Bali island and a water-purifying desalination pilot plant in Rosarito in northern Baja California, Mexico.