Caribbean Cement consolidated profit hits JMD2bn

Caribbean Cement group reported YtD consolidated profit before tax of JMD2.01bn (US$15.86m) over nine months compared to JMD1.26bn last year, reports Loop Jamaica.

The two-thirds jump was attributed to a JMD437m write-down of overstocked items identified in 2016 and JMD407m incurred during the implementation of restructuring programmes last year.

In the reporting quarter, the group announced a profit before tax of JMD847m compared to a loss before tax of JMD27m in the corresponding quarter last year. The result was attributable to an advance in revenue of JMD504m, through an increase of 15 per cent in volumes distributed to the domestic market.

Improved operational efficiencies resulted in lower operation expenses in excess of JMD300m compared to the same quarter in 2016.