Carib Cement to continue recording loss

Carib Cement to continue recording loss
Published: 11 March 2010

After recently releasing less than positive financial results, the management of Caribbean Cement Company Limited says it expects more challenges in the medium-term, according to local press reports.

Competition from dumped cement and the downturn in the construction sector are some of the factors which Anthony Haynes, General Manager Caribbean Cement Company, says continue to have a dampening effect on the company’s performance.

"The market is very, very soft and the situation is pretty tough right no in a market that is so contracted (because) of unfair competition from dumps men. We’re exporting a lot of cement but we want our own market also," Mr. Hynes said.

Last week, the company last week revealed that it suffered a J$144m  (US$1.62m) loss during 2009. This was a reversal from the J$416m profit earned in 2008.

The producer says the loss for the year was primarily due to the contraction in the Jamaican economy.

It resulted in the domestic market for cement declining by approximately eight percent over the previous year.