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Cayman Islands-based Consolidated Water Company (Nasdaq: CWCO) posted net income of US$2.06mn in the first quarter of this year, down 35.2% from US$3.18mn in 1Q10.
The drop reflects the company's incremental expenses of some US$1.1mn from business development activities of its consolidated Mexico joint venture NSC Agua.
Total revenues fell 5% year-over-year to US$13.9mn compared with US$14.7mn, the company reported in its first quarter results release.
General and administrative expenses in the quarter climbed 52% to US$3.76mn versus US$2.47mn a year earlier.
Consolidated Water develops and operates seawater desalination plants and water distribution systems in the Cayman Islands, Belize, the British Virgin Islands and the Bahamas, and is building a desalination plant in Bermuda.
For the company's full 1Q11 results release, go to this link