Carib Cement third quarter profits decline

Carib Cement third quarter profits decline
Published: 26 November 2007

The three month period ended September was a difficult one for Caribbean Cement Company Limited. The company posted a net profit of J$112.8m compared to J$153.2m during the corresponding period last year.

Carib Cement says the third quarter was extremely eventful with the General Election, Hurricane Dean and disruptions in supply.

As a result, domestic sales were soft during the period.

Sales volume amounted to 187,000t, down 13 per cent over the same period last year and down nine per cent over the average sales in the first half of the year.

Revenues were on par with the previous quarter as a result of  price adjustments to mitigate against rising energy costs, other input costs and the impact of the falling exchange rate.

In the meantime, the cement manufacturer says the extreme weather conditions in August and September slowed progress on the Kiln Five site.

As a result, the completion date has been extended to the second quarter of 2008.

The cement mill expansion remains on target for the fourth quarter.