Carib Cement losses still climbing

Carib Cement losses still climbing
Published: 17 August 2011

Caribbean Cement Company Limited made a loss of J$608m (US$7m) in the second quarter, even while cement sales appeared to have stabilised in the period.

Domestic and export sales combined stayed flat at 185,000t in the June quarter.

Clinker exports, however, dropped to less than half the 2010 levels in the period.

Total revenues also underperformed, falling from J$2.13bn to J$1.96bn.

The loss in the quarter was almost triple the losses of June 2010 and it pushes the company’s half-year deficit to J$858m.

Last year, the cement maker lost J$1.56bn.

The losses continue to weigh on the cement maker’s balance sheet, which is now valued at a net J$2.16bn, down from J$4.4bn at June 2010.