Caribbean Cement posts Q3 loss of US$0.63m

Jamaica-based Caribbean Cement Company has posted a third-quarter loss of JMD81m (US$0.63m), reports the Gleaner newspaper.

In a statement, the firm said: "During the reporting quarter, the company embarked on a major kiln overhaul which lasted 45 days and impacted the income statement by US$7.5m (JMD970m). Along with the capital expenditure of JMD622m invested this quarter, this is expected to lead to an improved operational efficiency and reliability of the plant.

“"Other factors impacting the year-to-date performance were cement mill No 4 overhaul, increased manpower restructuring costs, and stockholding and inventory restructuring costs."

However, the firm added that volumes had increased by 18 per cent thanks to increased demand from infrastructure projects and retail customers.

For the first nine months of 2016, Caribbean Cement recorded a profit of JMD973m, down 35 per cent on the same period of 2015. The firm saw its cement exports fall by 16 per cent in 3Q, while clinker exports dropped by 84 per cent.

Trinidad Cement Limited, Caribbean’s parent company, saw its Q3 revenues fall by 18 per cent to TTD450m (US$67m), with profits down 87 per cent to TTD11m.