JPS reports US$3m loss
Published:Wednesday | November 27, 2013 | 12:00 AM
Jamaica Public Service Company is more than US$3 million in the red due to a substantial fall in revenue and higher debt-servicing charges over nine months ending September.
That compares to profit of US$9 million for the same period last year.
The power utility collected $816.3 million in revenue, down from US$864.7 million. The fall in revenue comes amid reports from the Planning Institute of Jamaica that electricity consumption was down 3.8 per cent year on year in the September quarter.
JPS mainly faltered in the third quarter with pretax losses of US$5m. Tax credits reduced the net loss to US$3.44 million.
During the quarter, JPS paid down US$48 million of its long-term debt, but added new liabilities via a non-redeemable preference share issue that raised US$24.56 million.
The new USD-indexed 'JPS 9.5% F' prefs were listed on the Jamaica Stock Exchange at the top of this month, alongside JPS's other four preference stocks.
JPS's long-term debt was reduced overall from US$858 million a year ago September to US$831 million.
The utility's oil bill has been lower so far this year at US$626 million compared to US$657 million last year.