Ascendant Consolidated Net Income Decreases
In a filing with the Bermuda Stock Exchange, Ascendant Group Limited reported financial results for the first six months of 2015, with consolidated net income for the first six months of 2015 of $970,000, a 15% decrease compared to the comparable period in 2014.
The filing stated, “Ascendant Group Limited announced consolidated net income for the first six months of 2015 was $970,000, a 15% decrease compared to $1.1 million in the comparable period in 2014.
“Operating earnings, excluding the impact of discontinued operations and non-recurring charges associated with the restructuring and closure of the Bermuda Gas & Utility Company Limited residential appliance and service business was $3.2 million during the first six months of the year, a $1.5million improvement relative to Ascendant Group’s comparable operating earnings in 2014.
“The improvement in operating earnings was primarily the result of improved results at Bermuda Electric Light Company Limited [BELCO] due to higher electricity sales revenues and lower operating costs, partly offset by a decline in operating earnings at AG Holdings Limited, as compared to the prior year.
“Total kilowatt hour [kWh] sales increased 1.4 million kWh for the current period to 267 million kWh, or 0.5% when compared to 2014. The overall increase in electricity sales volumes is primarily due to a 2.1% increase in residential sales volumes to 112 million kWh, an increase of 2.3 million kWh in the first six months of 2015.
“The residential sales volumes were primarily the result of higher early summer temperatures combined with billing improvements resulting from recent meter audits. Commercial sales volumes were 2.8% below 2014, reflecting the continuing decline in certain sectors of the economy, combined with energy efficiency and conservation measures.
“Demand class sales increased 0.2% over the period, due to gains associated with the addition of the Acute Care Wing at the hospital and the opening of Elbow Beach Hotel over the winter months.
“Ascendant Group prepared its 2015 consolidated interim financial statements for the first time in accordance and compliance with International Financial Reporting Standards [IFRS].
“Statements in prior years were prepared in accordance with Canadian Generally Accepted Accounting Principles [GAAP]. The most significant transitional adjustments impact opening Retained Earnings relating to post-retirement benefit plans, and impairment of property plant and equipment.
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