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

Please follow the link below for a printable copy in Microsoft Excel format:
2nd Qtr. '99 Financials.xls
(download may take a few seconds-thanks for your patience!)
Three months ended
October 31 		Six months ended
October 31

1998/99
US$

1997/98
US$

1998/99
US$

1997/98
US$
Operating Revenues 18,011,966 17,185,105 35,127,147 33,898,076
Operating Expenses
Power Generation 7,349,926 8,007,057 14,936,248 16,229,709
General and Administration 1,981,660 1,865,191 3,683,311 3,486,716
Consumer Service and Promotion 232,327 221,861 442,338 464,449
Distribution 411,904 320,705 873,598 612,387
Depreciation and Amortisation 2,026,037 1,828,982 4,052,074 3,657,867
Maintenance 1,195,042 1,115,141 2,100,498 2,318,506
13,196,896 13,358,937 26,088,067 26,769,634
Operating Income 4,815,070 3,826,168 9,039,080 7,128,442
Other Income/(Expenses)
Interest Expense, Preference Dividends and Guarantee Fees (922,281) (812,563) (1,905,274) (1,485,596)
Foreign Exchange Gain 163,183 116,677 294,788 232,085
Other Income 260,515 353,582 498,899 615,845
(498,583) (342,304) (1,111,587) (637,666)
Earnings for the Period 4,316,487 3,483,864 7,927,493 6,490,776
Preference Dividends Paid -
Class B		 (112,500) (112,500) (396,250) (370,000)
Earnings on Class A Ordinary Shares 4,203,987 3,371,364 7,531,243 6,120,776
Weighted Average Number
of Class A Ordinary Shares Issued and Fully Paid		 21,932,884 21,555,544 21,892,377 21,528,594
Earnings per Class A
Ordinary Share		 0.19 0.16 0.34 0.29
Dividends Declared
per Class A Ordinary Share		 0.1050 0.0900 0.1950 0.1713
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 October 31, 1998 as reported by the Bank of Canada for the conversion of U.S. dollars into Canadian dollars was Cdn. $1.5429 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 October 31, 1998 for conversion of Cayman Islands dollars into Canadian dollars was Cdn. $1.8515 per CI$1.00.