Apr 2016 Financial News

Exports fall for Caribbean Cement

Apr 27, 2016

Caribbean Cement Limited (CCL) reported in the first quarter —January to March 2016 — a decline in exported cement and clinker sales volumes of 53 per cent and 56 per cent respectively.

However, on the back of an increase in domestic sales, total revenue increased by 11 per cent or $398 million to $3.98 billion over the previous year, which was $3.58 billion.

In March, the company introduced a 1.5 per cent discount on all cash purchases, adding to a 0.5 per cent discount that was implemented in October 2015. It also introduced a freight charge for clients who rely on the company for deliveries.

The group reported an improved consolidated profit before tax of $952 million for the first three months, compared to a profit before tax of $288 million in the corresponding period of 2015 — an improvement of $664 million.

Profit per share improved to $0.98 when compared with $0.29 last year.

Directors said that improvements in operational efficiencies, effective control of fixed costs, lower financing costs, and lower energy costs contributed to the improved financial performance.

They added that the company’s liquidity position has also improved over the quarter. Cash and short-term deposits at the end of the quarter were $963.21 million, compared to $542.98 million last year.

Source:
BY AVIA COLLINDER
collindera@jamaicaobserver.com
R03;Business reporter
Jamaica Observer
Wednesday April 27, 2016

http://www.jamaicaobserver.com/business/Exports-fall-for-Caribbean-Cement_58952