The Commonwealth Utilities Corp. saved $3.37 million on administrative and general expenses in the first half of fiscal year 2005, but this was easily offset by a $7.17-million increase in fuel costs.<\/p>\n
An unaudited financial statement issued by CUC showed that the utility firm\u2019s operating expenses reached nearly $40 million in the first six months of FY 2005, up by $3.29 million from the same period last year.<\/p>\n
Production fuel ranked as CUC\u2019s biggest expenditure, comprising over $25.5 million or 63.8 percent of the total expenses. This represents an increase of 39 percent as compared to fuel expenses in the first half of FY 2004, which totaled $18.35 million.<\/p>\n
The second biggest expenditure was general and administrative expenses, which amounted to $6.22 million from October 2004 to March 2005.<\/p>\n
Based on the breakdown, salaries decreased by $746,164; personnel benefits by $206,637; manpower services by $56,856; rent by $184,850; professional services by $179,017; travel and transportation by $73,993; personnel training by $109,398; and bad debts by $1.77 million.<\/p>\n
During the same period, CUC registered a net operating loss of $3.73 million, despite generating total operating revenues of $36.26 million\u2014or $354,932 more income\u2014as compared to the first half of FY 2004.<\/p>\n
About $30.41 million of CUC\u2019s revenues came from power services, an increase of 2 percent from the first half of FY 2004. \u201cIncrease in power revenues is due primarily to the implementation of 1.5-cents fuel surcharge fee billing for consumption in March 2005, but billed to customers in April 2005,\u201d CUC said.<\/p>\n
Total revenues from the fuel surcharge accrued on March 31, 2005 amounted to about $347,000.<\/p>\n
As to non-operating expenses, CUC made $4.71-million total loan payments to the Commonwealth Development Authority and $584,890 to other creditors during the first six months of FY 2005.<\/p>\n
Mandatory payments made by CUC to the Office of the Public Auditor totaled $347,380 during the same period.<\/p>\n
Meanwhile, CUC earned only $747,742 in miscellaneous revenues, resulting in a net non-operating loss of $4.89 million.<\/p>\n
Overall, the utility firm posted a net loss of $8.62 million in the first half of FY 2005.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Commonwealth Utilities Corp. saved $3.37 million on administrative and general expenses in the first half of fiscal year 2005, but this was easily offset by a $7.17-million increase in fuel costs.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-90490","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/90490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=90490"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/90490\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=90490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=90490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=90490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}