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Igor hits Belco profits

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This image provided by NASA shows the eye of Hurricane Igor taken from the International Space Station Tuesday Sept.14, 2010 by astronaut Douglas Wheelock. At midnight Sept. 15, 2010 Igor was about 1140 miles southeast of Bermuda with maximum sustained winds of 155 mph moving to the west-northwest at 9 mph. ¬ (AP Photo/NASA - Doug Wheelock)

The Ascendant Group Ltd’s consolidated net earnings dropped almost $3 million during 2010 as subsidiary Belco incurred $1.2 million in lost sales and restoration costs from the damage caused by Hurricane Igor.The energy group’s net earnings for last year were $16.69 million compared to $19.51 million in 2009, while earnings per share fell 14.9 percent to $1.60 from $1.88 the previous year.But Bermuda Gas’ net earnings rose 3.9 percent to $1.32 million in 2010 from $1.27 million the year prior as an additional 9,512lbs of propane were sold, primarily in the residential market and appliance sales were up 15.2 percent, offsetting service sales which declined 7.3 percent over the same period.Belco’s earnings decreased approximately $2.95 million to $16.71 million versus $19.66 million in 2009 despite electricity sales, net of adjustment income, increasing $3.29 million to $153.97 million in 2010 from $150.68 the year before.Commercial sales were also down 1.9 percent or 6.2 million kilowatt hours (kWh) compared to a rise of 2.4 percent in 2009 due to the contraction of the economy, while residential kWh sales climbed 1.9 percent last year on a 1.2 percent increase in 2009.

Photo by Tamell Simons ¬ Getting ready; Crew from Almeida`s landscaping along with crews from BELCO trim trees along North Shore in Hamilton Parish in perpetration for hurricane Igor which is expected to hit Bermuda Sunday.
Photo by Glenn Tucker ¬ Struck: A telephone pole lies on the roof of a house on Texas Road in St. David's.
Photo by Glenn Tucker ¬ Lines down: Hurricane Igor took down power lines through out St. David's.