Carib Cement sees further decline, Jamaica?
Caribbean Cement Company Limited has released more disappointing financial results as it continues to be hit hard by the downturn in the Jamaican economy and increased competition.
Local press reported that net profit for the three months ending March was JMD4.6m (US$52.3m) compared to JMD130m during the corresponding period last year. Caribbean Cement cited the continuing contraction in the economy and the resultant reduction in the demand for cement, along with the loss of local sales to imported dumped cement, as the primary reasons for the performance.
The manufacturer says while it does not anticipate an improvement in the domestic economy in the short-term there are indications that it can achieve increased sales in regional markets such as Haiti, Belize, and Bahamas Published under Cement News
