CCC posts US$4.7m in 1H05 profits

CCC posts US$4.7m in 1H05 profits
Published: 26 September 2005

Jamaica’s Caribbean Cement Company (CCC) posted a J$294m (US$4.7m) net profit during 1H05, practically unchanged compared with the same period last year, when it reached J$293m, newspaper Jamaica Gleaner reported.  The company’s revenues increased 15.1 per cent to J$3.1bn thanks to a 16.7% growth in the volume of cement sales compared to 1H04.  Operating profit over the period decreased 4.3 per cent to J$412m in 1H05, due to higher external costs caused by shifting prices of oil, steel and transport.  Since July this year, CCC increased its prices 5 per cent to face the increasing oil prices, which pose a challenge to the firm’s future earnings. 
 
However, the demand for cement is expected to be quite strong over coming quarters given an expansion in the Caribbean construction industry. CCC is currently engaged in a US$85m expansion and modernization program to improve its clinker and cement production capacity and efficiency by 2008.  The company is located in Rockfort, Kingston and produces 600,000tpa of clinker and 660,000tpa of cement.