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1998/99 First Quarter Report - July 31, 1998
Statement Of Earnings (Unaudited)
(expressed in United States Dollars)

Please follow the link below for a printable copy in Microsoft Excel format:
1st Qtr. '99 Financials.xls
(download may take a few seconds-thanks for your patience!)

Three months ended July 31

1998/99
US$

1997/98
US$
Operating Revenues 17,115,181 16,712,971
Operating Expenses
Power Generation 7,586,322 8,222,652
General and Administration 1,701,651 1,621,525
Consumer Service and Promotion 210,011 242,588
Distribution 461,694 291,682
Depreciation and Amortisation 2,026,037 1,828,885
Maintenance 905,456 1,203,365
12,891,171 13,410,697
Operating Income 4,224,010 3,302,274
Other Income/(Expenses)
Interest Expense, Preference Dividends and Guarantee Fees (982,993) (673,033)
Foreign Exchange Gain 131,605 115,408
Other Income 238,384 262,263
(613,004) (295,362)
Earnings for the Period 3,611,006 3,006,912
Preference Dividends Paid -
Class B		 (283,750) (257,500)
Earnings on Class A Ordinary Shares 3,327,256 2,749,412
Weighted Average Number
of Class A Ordinary Shares Issued and Fully Paid		 21,851,870 21,502,366
Earnings per Class A
Ordinary Share		 0.15 0.13
Dividends Declared
per Class A Ordinary Share		 0.0900 0.08125
NOTES:
1. These unaudited financial statements include all adjustments which, in management's opinion, are necessary for a fair presentation.

2. The closing rate of exchange on July 31, 1998 as reported by the Bank of Canada for the conversion of U.S. dollars into Canadian dollars was Cdn. $1.5119 per US$1.00. The official exchange rate for the conversion of Cayman Islands dollars into U.S. dollars as determined by the Cayman Islands Currency Board is fixed at CI$1.00 per US$1.20. Thus, the rate of exchange as of July 31, 1998 for conversion of Cayman Islands dollars into Canadian dollars was Cdn. $1.8143 per CI$1.00.