Caribbean Cement 1Q16 revenue up but exports down 53%

Caribbean Cement Limited (CCL) reported that, on the back of an increase in domestic sales, 1Q16 total revenue increased by 11 per cent or US$398m to US$3.98bn over the previous year, when they reached US$3.58bn.

However, in the 1Q16 the company also noted declines in exported cement and clinker sales volumes of 53 per cent and 56 per cent respectively, said the Jamaican Observer.

In March CCL introduced a 1.5 per cent discount on all cash purchases, adding to a 0.5 per cent discount that was implemented in October 2015. It also introduced a freight charge for clients who rely on the company for deliveries.

The group reported an improved consolidated profit before tax of US$952m for the first three months, compared to a profit before tax of US$288m in the corresponding period of 2015 – an improvement of US$664m. Profit per share improved to US$0.98 when compared with US$0.29 last year.

Directors said that improvements in operational efficiencies, effective control of fixed costs, lower financing costs and lower energy costs contributed to the improved financial performance.

They added that the company’s liquidity position has also improved over the quarter. Cash and short-term deposits at the end of the quarter were US$963.21m, compared to US$542.98m last year.