JAMAICA Public Service Company (JPS) has reported a near 10 per cent decline in profit for the third quarter ended September 30, 2025, as rising operational costs weighed on its bottom line.

For the three-month period, the company earned US$17.8 million in profit on revenues of US$292.2 million. Nine-month profit performance also weakened, falling from US$49.7 million for the corresponding period in 2024 to US$42.5 million at the end of September 2025, despite improved year-to-date revenues of US$837 million.

Operating expenses for the third quarter climbed to US$76.3 million — US$5.2 million higher than the amount recorded in 2024. For the nine-month period, operating costs rose to US$225.3 million, up from US$216 million a year earlier.

Total assets stood at US$1.76 billion at the end of September, an increase from US$1.73 billion at the close of the 2024 financial year.

The company is currently engaged in intensive islandwide restoration efforts following the catastrophic damage caused by Hurricane Melissa, which made landfall in October from which it expects to incur significantly higher costs as it rebuilds. Prior to the storm’s arrival, the utility had warned customers to expect higher electricity bills, but later softened its message after intense public backlash.

The Category 5 system, after inflicting severe harm on JPS’s infrastructure, toppled hundreds of poles and wires leaving large sections of its customers without power.

JPS CEO Hugh Gant said that post-hurricane assessments revealed damage to about 70 per cent of the company’s transmission system, including its major steel lattice structures that form the backbone of the national grid.

“We maintained visibility and control because of our fortified communications systems. That allowed us to keep 23 per cent of customers with service after the hurricane — and that’s what gave us the foundation to rebuild,” he said.

In the aftermath of the storm, JPS secured the assistance of hundreds of overseas linemen under retainer agreements with North American contractors. These crews, working alongside JPS staff and equipped with additional machinery such as bucket trucks, have been instrumental in advancing restoration efforts.

The company has since restored power to approximately 70 per cent of its customers. However, Prime Minister Andrew Holness, speaking at a Jamaica House press briefing this week, said full restoration following Hurricane Melissa could take up to six months.

As part of its recovery support measures, JPS announced on Tuesday that it will suspend service disconnections and waive late-payment fees until December 15. It is also offering flexible payment arrangements for customers facing financial strain.

“Many Jamaicans are still picking up the pieces — repairing homes, supporting families and dealing with unexpected expenses. This pause on disconnections and late fees is one way of giving our customers room to breathe, while we continue the hard work of rebuilding the network,” Winsome Callum, director of corporate communications said.

With its licence set to expire in July 2027 and amid the operational challenges occasioned by the hurricane, JPS recently sought an extension from Government as it pursues financing to undertake major restoration projects, particularly in parishes hardest hit by Hurricane Melissa.

As the country’s sole light and power provider, the company predominantly owned by Marubeni Corporation and Korea East-West Power (EWP), with the Government of Jamaica holding a 19.9 per cent stake, remains responsible for generating, transmitting, distributing, and supplying electricity under the All-Island Electric Licence.

A JPS worker conducts restorative work post-Hurricane Melissa (Photo: JPS)