Caribbean Cement considers exiting lease agreement

Caribbean Cement could reduce its costs by approximately a third, US$10m, annually if it exits a lease agreement with its parent company, Trinidad Cement Company (TCL), according to The Gleaner.

The company is projected to spend about US$25m on the 2017 operating lease for its Rockfort facility in Kingston. The plans would involve terminating that annual payment and buying back the plant, which is valued at US$118m. Caribbean Cement will make an announcement on the outcome within 90 days.

In the full-year 2017 period, the producer announced a revenue of JMD16.5bn (US$130.8m) alongside a net profit of JMD1.1bn.