Jul 2015 Financial News

TCL profits as cement sales increase

Jul 20, 2015

An increase in cement sales has driven up Trinidad Cement Ltd's revenue by 11 per cent for the second quarter of 2015.

According to its interim consolidated financial results for the six months ended June 30, 2015, the company realised $572.9 million in profits, compared to $514.9 million in the first quarter of 2015.

Results showed that cement sales in the second quarter were eight per cent higher than the first quarter.

Combined results for the first and second quarter of 2015 stood at $1.1 billion, an increase of one per cent over the 2014 half year, while net profit was $335.2 million, compared to $32 million for the same period last year.

In a statement to the Stock Exchange yesterday, TCL group chairman Wildred Espinet and director Nigel Edwards noted that as a result of the achievements of the first quarter, the company was able to successfully refinance its restructured debt, allowing it to take advantage of the maximum discount that was negotiated with creditors in May 2015.

“Net of fees incurred for the new financing, we were able to benefit from prepayment discounts of $194.2 million, all of which has been reflected in our Q2 results.”

“The restructured debt agreement that was concluded in Q1 was refinanced in May 2015 using proceeds from a Bridge Loan of US$245 million and US$15.8 million of internal cash,” the directors said.

They stated that revenue for the second quarter of 2015 was $12.9 million (2 per cent) higher than the same period last year and this was mainly due to 2014 price increases as well as higher clinker sales.

Concrete and aggregate sales volumes were ten per cent and five per cent higher than the second quarter of 2014 respectively, they noted.

TCL's annual general meeting is scheduled to take place at the Hilton and Conference Centre Trinidad on Monday.

Source:
By Leah Sorias
Trinidad Express
Saturday July 18, 2015

http://www.trinidadexpress.com/20150717/business/tlc-profits-as-cement-sales-increase