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1998/99 Third Quarter Report - January 31, 1999
Statement Of Earnings (Unaudited)
(expressed in United States Dollars)

Please follow the link below for a printable copy in Microsoft Excel format:
3rd Qtr. '99 Financials.xls
(download may take a few seconds-thanks for your patience!)
Three months ended January 31 Nine months ended January 31

1998/99
US$

1997/98
US$

1998/99
US$

1997/98
US$
Operating Revenues 16,557,890 16,438,723 51,685,037 50,336,799
Operating Expenses
Power Generation 7,007,809 7,298,864 21,944,057 23,528,573
General and Administration 1,780,553 1,842,484 5,463,864 5,329,200
Consumer Service and Promotion 239,944 261,875 682,282 726,324
Distribution 471,563 396,050 1,345,161 1,008,437
Depreciation and Amortisation 2,026,037 1,827,538 6,078,111 5,485,405
Maintenance 1,410,529 1,311,712 3,511,027 3,630,218
12,936,435 12,938,523 39,024,502 39,708,157
Operating Income 3,621,455 3,500,200 12,660,535 10,628,642
Other Income/(Expenses)
Interest Expense, Preference Dividends and Guarantee Fees (920,279) (1,131,037) (2,825,553) (2,616,633)
Foreign Exchange Gain 148,598 85,286 443,386 317,371
Other Income 416,669 358,155 915,568 974,000
(355,012) (687,596) (1,466,599) (1,325,262)
Earnings for the Period 3,266,443 2,812,604 11,193,936 9,303,380
Preference Dividends Paid -
Class B		 (112,500) (112,500) (508,750) (482,500)
Earnings on Class A Ordinary Shares 3,153,943 2,700,104 10,685,186 8,820,880
Weighted Average Number
of Class A Ordinary Shares Issued and Fully Paid		 21,986,805 21,647,332 21,923,853 21,568,414
Earnings per Class A
Ordinary Share		 0.14 0.12 0.49 0.41
Dividends Declared
per Class A Ordinary Share		 0.1050 0.0900 0.3000 0.2612
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 January 31, 1999 as reported by the Bank of Canada for the conversion of U.S. dollars into Canadian dollars was Cdn. $1.5110 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 January 31, 1999 for conversion of Cayman Islands dollars into Canadian dollars was Cdn. $1.8132 per CI$1.00.