Nov. 11 (Bloomberg) — Consolidated Water Co., the largest
water provider in the Caribbean, reported third-quarter revenue
rose 10 percent on higher sales in its home market Cayman
Islands.
Revenue was $17 million compared with $15.4 million a year
ago, the company said in a filing. Net income doubled to almost
$1.9 million for the Georgetown, Cayman Islands-based water
supplier as development costs declined for a desalination plant
in Baja California, Mexico, Chief Executive Officer Rick McTaggart said today on a conference call with analysts.
“Retail water sales have increased during the past two
consecutive quarters relative to prior-year periods, which
reversed a three-year declining sales trend,” McTaggart said.
“Drier weather conditions and an increase in tourist arrivals
have contributed to the turnaround.”
Consolidated Water was 0.5 percent higher at $12.43 at 1
p.m. in New York. The shares have declined 12 percent this year
compared with an 8.2 percent gain by the 19-member Bloomberg
World Water Index.
To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net
To contact the editors responsible for this story:
Randall Hackley at
rhackley@bloomberg.net
Reed Landberg