Jamaica Public Service Reporting Net Profit Of US$24.2 Million, Marginal Increase Of US$0.2 Million Over 2016.
The Jamaica Public Service company is reporting in its just released 2017 annual achieving a net profit of US$24.2 Million, which was a marginal increase of US$0.2 Million over the previous year.
A combination of factors the company said contributed to the relatively flat performance, which was below projections for the period.
Earnings from operating revenues increased by US$124.3 million or 17% to US$836.9 million in comparison to 2016, primarily as a result of a 32% increase in fuel costs recovered from customers as well as a 1% increase in energy sales.
Cost of sales for the year was US$549.0 million, representing an increase of $121.2 million or 28% compared to 2016, mainly as a result of the increase in the price of fuel during the period.
Actual production i.e. net generation for 2017 was 4,363 GWh, representing a marginal increase of 0.3% when compared to the 4,349 GWh produced in 2016.
The Group was able to benefit from a slight decrease in system losses over the prior year, with losses in 2017 being 26.5% of net generation as opposed to 26.9% for 2016.
The Group is also reporting that investments in its power plants, including the Bogue Power Plant in St. James, and the Rockfort Power Plant in Kingston, will facilitate even greater efficiencies in its generation operations in the future.
JPS also invested in the installation of 36,000 LED streetlights across the country, significantly improving lighting on public thoroughfares.
Investments were also made in building out a smarter grid network; upgrading the Duncans Substation on the northern side of the island; implementing voltage upgrade initiatives in several parishes; and in the installation of more Distribution Automation switches on the national grid, among other projects to enhance service reliability. BM
To view Jamaica Public Service Company Limited 2017 Annual Report click HERE