Jamaica’s Caribbean Cement Company (Carib Cement) announced operating profits increased by 26.8 per cent to US$13.5m for 2003 compared to the previous year, the company announced. Sales declined 3.17 per cent to 605,400t, while revenues increased 9.3 per cent to US$66.5m compared to 2002. Pre-tax profits for the period were US$10.5m, a 20.2 per cent increase over 2002, while net profits increased to US$7.6m, representing a 19.9 per cent increase.
"Today we are very happy to have 96 per cent of the home market. Last year, our market share dropped to a low of 68 per cent. Since November of last year, when imported cement supplies began dwindling, our sales have picked up tremendously,"general manager Anthony Haynes is quoted locally as saying. Obstacles to company performance included the hike in the foreign exchange rate last year and some 171,200t the company says was dumped on the home market, the statement added. The rise in fuel prices also added to its costs. Carib Cement is owned by TCL, which owns Trinidad and Tobago’s cement company Trinidad Cement and also has operations in Barbados and Anguilla.