TCL second-quarter revenue up 9%

Trinidad Cement Ltd (TCL) saw second-quarter revenue rise by nine per cent to TTD560m (US$88.3m) as demand remained strong in key markets. EBITDA and non-recurring charges climbed 16 per cent YoY to TTD132.2m in the quarter under review.

For the first half year of 2014, revenue increased by TTD79.5m or eight per cent whilst EBITDA and non-recurring charges remained flat at TTD232.2m compared with the first half of 2013.

Earnings during the first six months of this year were negatively impacted by both TCL's Jamaica and Trinidad plants undertaking planned annual maintenance stops, with the Trinidad stoppage being longer than normal due to major equipment refurbishment. The group added that its Barbados plant encountered frequent unplanned stoppages during the period and its planned maintenance stop is scheduled for this month.

On its outlook, the company said key markets of Trinidad, Guyana, and Suriname remain buoyant whilst the others have stabilised. Accordingly the group expects better second half results from operations as the annual plant stops at the two largest plants have already taken place in the first half.

High finance cost remains a major drag on net profits and the group said it will “l continue its efforts to secure a reduction in the high rate of interest which in turn will result in lower debt service payments and enhanced financial performance.”