Jul 2016 Financial News

Second quarter revenue of $506.6m for TCL

Jul 28, 2016

Trinidad Cement Limited’s (TCL) revenue for the second quarter of the year reached $506.6 million, up by six per cent from the first quarter.

The company’s latest financial report, which has been posted on the T&T Stock Exchange, shows that this increase in revenue was driven by an increase of domestic sales in Jamaica. However, revenue was 12 per cent lower than for the same period in 2015 due to lower volumes sold in T&T, lower export volume of clinker sold to Venezuela and a nine per cent decrease in prices mainly in Barbados and Guyana.

In a joint statement to shareholders, TCL chairman Wilfred Espinet and director Nigel Edwards said two major items of restructuring costs had a negative impact on income. The group incurred severance costs of $22.2 million due primarily to a manpower restructuring exercise in Jamaica and also undertook a comprehensive review of its inventory of spares and consumables which resulted in a negative adjustment to inventories of $72.9 million

“Together, the impact of these onetime expenses was a reduction in net income by $95.1 million. As a result, our first half net income was $45.3million, however, adjusting for the impact of those onetime restructuring expenses, our net income for the first half would have been $129.5 million.”

Source:
Trinidad Guardian
Thursday July 28, 2016

http://www.guardian.co.tt/business/2016-07-28/second-quarter-revenue-5066m-tcl