Ascendant Group Earnings Increase To $18.6M

September 21, 2016

In a filing with the Bermuda Stock Exchange [BSX], Ascendant Group Limited announced that consolidated net income for the first six months of 2016 was $18.6 million, compared to $970,000 in the comparable period in 2015.

The full filing stated, “Ascendant Group Limited announced consolidated net income for the first six months of 2016 was $18.6 million compared to $970,000 in the comparable period in 2015.

“Operating earnings, excluding the impact of discontinued operations was $6.0 million during the first six months of the year, a $3.5million improvement relative to Ascendant Group’s comparable operating earnings of $2.6 million in 2015.

“The significant increase in the Group’s net income primarily reflects a $12.5 million gain on the sale of Bermuda Gas & Utility Company Limited in April 2016.

“The improvement in operating earnings was driven by a $3.1 million, or 59.1% increase in Bermuda Electric Light Company [BELCO] net earnings, due to higher electricity sales revenues and lower operating costs. The Group’s operating earnings exclude the financial results of Bermuda Gas.

“The improvement in basic tariff electricity sales revenues is primarily due to an increase in basic tariff rates, which were approved by the Energy Commission [EC] in March 2016 and came into effect on 1 June 2016. Overall electricity sales, as measured on an accrual basis, declined 597,000 kWh or 0.2% compared to 2015.

“By customer class, Demand customer kilowatt hour [kWh] sales for the comparative periods were relatively flat, while Commercial customer kWh sales increased 0.4% [approximately 171,000 kWh] due in part to electricity consumption associated with the newly established physical presence in Bermuda of three America’s Cup team bases, warmer weather, partially offset by continuing energy efficiency initiatives [including the BELCO LED streetlight project].

“Residential customer kWh sales declined 0.7% [approximately 845,000 kWh], which is attributed to an increased use of solar PV, an increase in conservation and the efficient use of energy, as well as one-off sales adjustments in the first half of 2015 stemming from the metering audit of current transformer [CT] rated residential customers.

“AG Holdings Limited operating earnings for the first six months totaled $598,000, a 177.3% improvement compared to 2015, largely due improved charge-out revenues at iEPC, a turnaround in profitability at iFM Limited and improved net earnings for Air Care Ltd.

“Ascendant Group prepared its 2016 condensed consolidated interim financial statements in accordance and compliance with International Financial Reporting Standards [IFRS], as issued by the International Accounting Standards Board [IASB].”

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  1. sofia says:

    making millions whilst my gran cant afford to put her air conditioner on

  2. Family Man says:

    So even with a small decline in electricity sales, thanks to a whacking great rate increase foisted onto the rest of us, Belco earns a 59% increase in net income.

    I wish my net income could increase even ten percent of Belco’s 59% increase.