Monday, Consolidated Water Co. Ltd. (CWCO), a company that develops and operates seawater desalination plants and water distribution systems, reported a 24% decline in second quarter profit resulted from a loss recorded for the company's equity in the results of its affiliate, OC-BVI.
The Grand Cayman, the Cayman Islands-based company's second-quarter net income declined to $1.98 million or $0.14 per share, from $2.62 million or $0.18 per share last year.
The company recorded a loss of about $0.64 million related to equity in the operating results of British Virgin Islands affiliate, OC-BVI, compared to income of about $0.43 million from its equity in the earnings of OC-BVI and profit sharing income from OC-BVI of about $0.16 million in the previous year period. Interest income also declined to about $0.32 million from about $0.48 million previous year.
Quarterly total revenues grew 34% to $16.04 million from $11.96 million in the year-ago period. Retail water sales were relatively unchanged at about $5.26 million compared to prior-year period. Bulk water revenues increased 28% to $6.87 million from $5.37 million, and services revenues nearly tripled to $3.91 million from $1.31 million last year.
For the first six months of the fiscal, net income declined to $3.65 million or $0.25 per share, from $6.21 million or $0.43 per share in the first half of previous fiscal.
Half-yearly total revenues increased 17% to $28.77 million from $24.70 million last year.
CWCO is currently trading at $20.86, up $0.06, or 0.29% on Nasdaq.
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