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GEORGE TOWN, GRAND CAYMAN, CAYMAN ISLANDS--(Marketwire -03/15/12)- Consolidated Water Co. Ltd. (NASDAQ: CWCO - News), which develops and operates seawater desalination plants and water distribution systems in areas of the world where naturally occurring supplies of potable water are scarce or nonexistent, today reported its operating results for the year ended December 31, 2011. The Company will host an investor conference call tomorrow -- Friday, March 16, 2012 -- at 11:00 a.m. EDT (see details below).

Total revenues for the year ended December 31, 2011 increased 9% to approximately $55.2 million, compared with approximately $50.7 million for the year ended December 31, 2010.

Retail water revenues rose 7% to approximately $23.4 million (42% of total revenues) in 2011, versus approximately $21.9 million (43% of total revenues) in the previous year, reflecting a 2% increase in base rates due to an upward movement in the consumer price indices used to determine such rate adjustments, and higher energy price pass-through charges, partially offset by a 3% decline in the number of gallons of water sold by the retail segment. The decline in gallons sold during 2011 was due to the absence of water sales made in the first quarter of 2010 at bulk water rates to the Water Authority-Cayman ("WAC") to replace water previously supplied by the Red Gate plant while such plant was under refurbishment. Excluding this water sold to the WAC, the number of gallons of water sold by the retail segment increased by approximately 3% from 2010 to 2011.

Bulk water revenues increased 22% to approximately $30.8 million (56% of total revenues) in 2011, compared with $25.3 million (50% of total revenues) in 2010, reflecting a 6% increase in the number of gallons of water sold and energy pass-through charges due to higher energy prices. Bulk revenues in 2011 benefited from $770,000 in revenues generated in the fourth quarter from the expansion of CW-Bahamas' Blue Hills plant.

Services revenues declined 71% to approximately $1.0 million in 2011, compared with approximately $3.5 million in 2010, reflecting substantially lower plant sales revenues due to a lack of plant construction activity for third parties, the expiration of the management services contract for the Bermuda plant on June 30, 2011, and lower fees earned on the Company's management agreement with OC-BVI (the Company's equity investment affiliate) due to the incremental fees earned on the higher earnings generated by this affiliate in 2010.

Net income attributable to stockholders declined 3% to $6,113,218, or $0.42 per diluted share, for the year ended December 31, 2011, compared with net income of $6,292,025, or $0.43 per diluted share, for the year ended December 31, 2010. A modest increase in operating income during 2011 was more than offset by a reduction in OC-BVI's earnings. During the year ended December 31, 2011, the Company recognized earnings on its investment in OC-BVI of $838,652, compared with $1,235,146 in 2010.

Consolidated gross profit rose 15% to approximately $19.0 million (34% of total revenues) in 2011, versus approximately $16.6 million (33% of total revenues) in 2010. Gross profit on retail revenues improved 3% to approximately $11.9 million (51% of revenues) in the most recent year, compared with approximately $11.5 million (53% of revenues) for the year ended December 31, 2010. The slight decline in retail gross profit as a percentage of retail revenues reflected the increase in energy pass-through charges and higher non-revenue water volumes during 2011. Gross profit on bulk revenues increased to approximately $6.6 million (22% of revenues) in 2011, from approximately $4.4 million (17% of revenues) in the prior year, primarily due to improved operating efficiencies and the increase in bulk segment revenues. A significant portion of the bulk segment's production costs are relatively fixed in nature and do not increase proportionately with an increase in the volume of water sold. The services segment recorded a gross profit of approximately $0.5 million for the year ended December 31, 2011, compared with a gross profit of approximately $0.7 million in 2010. The lower gross profit for 2011 in the services segment stems primarily from the decrease in revenues discussed above.

General and administrative expenses increased 21% to $13,651,650 in 2011, versus $11,329,648 in 2010, primarily due to (i) approximately $1,286,000 of incremental expenses related to the project development activities of the Company's consolidated Mexico affiliate and (ii) approximately $1,045,000 in higher employee costs due to additional management bonuses, higher stock-based compensation, the hiring of additional personnel, and salary increases.

Interest income decreased 13% to $1,200,999 for the year ended December 31, 2011, versus $1,375,827 for the previous year. Interest expense decreased 28.0% to $1,141,744 in 2011, from $1,584,771 in 2010 as a result of $246,851 in interest capitalized for the expansion of the Blue Hills plant and the prepayment on September 30, 2010 of $1.5 million of our 7.5% bonds payable.

"We were pleased with our ability to achieve a level of net income attributable to common stockholders comparable to that of the prior year while incurring an incremental $1.3 million in expenses for our Mexico joint venture and experiencing a 32% decline in earnings from our OC-BVI affiliate," stated Rick McTaggart, Chief Executive Officer of Consolidated Water Co. Ltd. "The performance of our bulk water segment was particularly gratifying given our recent efforts to improve these operations. Margins in the Bahamas increased because of a strict cost-control program, efficiency gains resulting from various operational improvement programs that we have implemented over the past four years and increased water production. In November, we commissioned a 67% expansion in the capacity of our Blue Hills plant in Nassau. This expansion contributed $770,000 to our revenue during the fourth quarter of 2011, while allowing the island of New Providence to eliminate its dependence upon the expensive barging of fresh water from Andros Island. We expect the increased revenue resulting from higher production at the Blue Hills plant to have a positive impact upon the performance of our Bahamas subsidiary in 2012 and future years."

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Consolidated Water Co. Ltd. Reports 2011 Operating Results

15-03-2012 17:51 March 15 (Bloomberg) -- Bloomberg's Pimm Fox and Deborah Kostroun report on the performance of the US equity market today. US stocks advanced, sending the Standard & Poor's 500 Index above 1400 for the first time in almost four years, as data showed manufacturing in the New York region unexpectedly increased and jobless claims declined. (Source: Bloomberg)

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US Stock Market Wrap - Video

JOHANNESBURG (Reuters) - South African stocks edged down on Thursday, as shares of Assore and other commodities firms were hit by concerns of overheated valuations, while Investec slumped after it said it expected lower full-year earnings.

Shares of media and e-commerce firm Naspers jumped for a second day, hitting a record high, after Chinese internet giant Tencent Holdings Ltd, in which Naspers holds a 30 percent stake, posted a rise in fourth-quarter net profit.

"Futures investors, who are trader types, probably are rather happy to stay on the sidelines at this stage because of what has happened over the last few days," said Byron Lotter, a portfolio manager at Vestact Asset Management.

"I think this rally is sustainable long term. Equities still have quite a long way to go, there is still a lot of liquidity out there that still needs to be pumped into the equity markets."

South Africa's blue-chip Top-40 index fell 0.61 percent to 30,334.04. The broader All-share index also edged 0.61 percent lower to 34,215.30.

Shares of base metals miner Assore fell 1.6 percent to 250 rand. Its shares have jumped 23 percent over the last three months.

Shares of Investec, which is also listed in London, fell 3.28 percent to 47.55 rand, making it the top loser on the Top-40 index.

The $2 billion bank said full-year earnings probably fell as much as 27 percent, hurt by a poorly performing investment bank and a loss in its Australian unit.

Shares of Harmony Gold fell 2.62 percent to 85.06 rand and brewer SABMiller shed 2.08 percent to close at 311.41 rand.

Decliners outnumbered advancers by 172 to 118. A total of 67 stocks were unchanged.

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S.Africa stocks retreat from two-day gains

15-03-2012 01:51 Mr. Sung Bonna, CEO of Bonna Realty Group, was invited for sharing his insights on 2012 Cambodia Real Estate Outlook on CTN Channel in Internet Talk Programme. Check it out 🙂

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Mr. Sung Bonna's Interview on CTN [Internet Talk Programme].mp4 - Video

The open house you want to schedule actually will help your real estate agent more than you.

That's one secret Reader's Digest says your agent won't mention. The iconic page-turner interviewed a handful of real estate types across the country to come up with a list for its April issue.

South Florida agents generally agree with the tips on open houses and commissions, though they insist that some of the other secrets and strategies in the piece aren't exactly inside information.

Local agents say open houses aren't effective anymore in the age of the Internet. Nearly nine of 10 buyers hunt for houses online, according to a 2011 study from the National Association of Realtors.

While an open house makes the seller feel good, it's unlikely the home will sell to someone who attended the event, agents say.

"It does give the seller some exposure, but the real motivation for a Realtor wanting to do them is to pick up clients," said Terry Story of Coldwell Banker in Boca Raton.

Open houses typically attract neighbors looking to see how your house compares to theirs. Those who meander through likely aren't qualified buyers, said Marisa DiLenge, an agent for Better Homes and Gardens Real Estate Florida 1st in Broward County.

What's more, there's a security issue, DiLenge said. Some burglars may pose as buyers to find out what valuables are in the home. And DiLenge said she's not comfortable with the prospect of being alone in a property with a stranger.

"In 20 years of doing this, I've sold only one house on an open house," she said. "For me, it's not worth it."

Boca Raton-based Lang Realty isn't dismissing the power of the open house. The firm is holding a one-day event at 300 properties from Boca to Port St. Lucie on March 25.

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Open houses don't work and other real estate secrets