PRASA Net Revenues 17% Above 1st Q Projections

The Puerto Rico Aqueduct and Sewer Authority’s first quarter net revenues were 17% higher than had been projected.

While revenues lagged projections by $1.5 million, expenses lagged projections by $7.9 million. Total net revenues were $44.1 million on $210.9 million of total revenues.

Total net revenues had been budgeted at $37.7 million.

These figures are for the first three months of the fiscal year, July 1 to Sept. 30.

In July PRASA’s board of directors voted to increase water rates by 60%.

“Revenues for the quarter ended on Sept. 30, 2013 are not representative of the expected revenues for the rest of the fiscal year,” PRASA stated. “The full impact of the rate increase implemented on July 15 is expected to be reflected in cash collections by the end of calendar year 2013.”

For reprint and licensing requests for this article, click here.
Puerto Rico
MORE FROM BOND BUYER