TTD114m loss in 2009 for Carib Cement

TTD114m loss in 2009 for Carib Cement
Published: 04 March 2010

Caribbean Cement Company is reporting that it suffered a TTD$144m loss for its 2009 financial year.

This was a reversal from the TTD$416mnet profit earned in 2008.

The cement manufacturer 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 about eight per cent over the previous year.

The decline in the domestic market and the loss of sales due to tariff-free imported cement resulted in Carib Cement’s silos and storage facilities becoming frequently full, resulting in production stoppages.

Carib Cement says the first two months of 2010 confirm a continuing trend of a fall-off in the local market, with the rate of decline increasing.

On the positive side it says continuing efforts to expand export markets are achieving some measure of success.