Nov 2016 Financial News

Ponce new GM for Caribbean Cement

Nov 07, 2016

Caribbean Cement Company Limited will have a new boss come Monday, November 7, when Peter Donkersloot Ponce will replace Alejandro Vares Leal as general manager.

Vares Leal is leaving to take up a new promotion within Cemex Mexico as vice-president of infrastructure and government sales. He ran the Rockfort, Kingston-based Caribbean Cement plant for more than a year since May 2015.

Cemex is the top shareholder in Caribbean Cement Company's parent, Trinidad Cement Limited.

Donkersloot Ponce has over 10 years working experience in the cement industry, holding key positions in four different countries in commercial areas, strategic planning, and general management.

Caribbean Cement released its quarterly financials last week, disclosing that an overhaul of its kiln and cement mill contributed to the company posting a net loss during the September quarter.

The cement producer made a net loss of $81 million on revenues of $3.67 billion. That equates to quarterly earnings of negative 10 cents per share, down from a positive 72 cents a year earlier.

It was the first big loss in a number of quarters for Caribbean Cement.

For the nine-month period ending September, net profit slipped to $973 million, down from $1.5 billion in the similar period in 2015, due to the overhaul of the mill.

Source:
steven.jackson@gleanerjm.com
Jamaica Gleaner
Sunday November 6, 2016

http://jamaica-gleaner.com/article/business/20161106/ponce-new-gm-caribbean-cement