Carib Cement recovers from cement crisis

Carib Cement recovers from cement crisis
Published: 06 August 2007

There has been a major turnaround in the financial performance of Caribbean Cement Company Limited.

The company has fully emerged from the 2006 cement crisis which pushed it into a loss position.

Revenue for the first half of its financial year increased by $400 million to $3.6 billion.

This led to Caribbean Cement earning a net profit of $251 million for the six months to June 30 compared to a $234 million loss last year.

It managed to realize a profit despite the presence of imported cement in the local market.

Sales volume for the January to June period declined by eight per cent and by four per cent between April to June when compared to the corresponding period last year.

Caribbean Cement has remained the preferred brand despite the presence of cement which was imported duty-free.

The company is predicting an improvement in market share for the second half of this year and with the start of up of its new kiln in 2008, it says further financial gains are projected.

In the meantime, General Manager of Caribbean Cement, Anthony Haynes says the company is close to completing pay outs to customers who purchased poor quality products last year.