Caribbean Cement has blamed finance costs linked to debt owed to Cemex as well as volatile currency movements for its lower profits in 3Q18.
The company's 3Q18 sales amounted to JMD4.5bn (US$33.5m) up seven per cent YoY, but profits fell to JMD305m at the end of September 2018, down from JMD748m a year ago.
"The reduction in profit before taxation compared to the same period in 2017 was impacted by foreign exchange losses of JMD464m and interest payments of JMD227m. Both are related to the loans received to finance the acquisition of Kiln 5 and Mill 5," stated the company.
In April of this year, Caribbean Cement terminated its lease arrangement with Trinidad Cement and completed the acquisition of the Kiln 5 and Mill 5 assets at a cost of US$118m.
Trinidad Cement
Trinidad Cement (TCL) reported a net loss of TTD20.1m (US$2.9m) on revenues of TTD416m in 3Q18. TCL's net profit in 3Q17 was TTD42.5m on revenues of TTD427.4m.
