TCL announces TTD49m operating loss in 2017

TCL announces TTD49m operating loss in 2017
30 May 2018

Trinidad Cement Ltd (TCL) has announced its results for the full-year 2017 period, reporting an operating loss of TTD49m (US$7.26m) on the back of unprecedented storms in its eastern Caribbean markets and the economic downturn in Trinidad and Tobago.

"These factors led to a decrease in revenue by nine per cent on a year-to-year basis compared to TTD1.7bn from 2016. Jamaica was an exception for TCL and continues to display robust economic growth, driving higher demand for our products in that market, which has been partially offsetting the group’s declining sales," said Wilfred Espinet, TCL company chairman, at the annual company meeting.

However, the outlook for the cement producer remains positive, particularly due to its recent integration within Cemex.

"We have a solid strategic plan aimed at driving sustainable long-term growth and global competitiveness [...] We remain optimistic that the full impact of the group’s integration with Cemex, along with the successfully completed efficiency improvement and cost reduction initiatives, will serve to mitigate against any negative impact," said Mr Espinet.

Published under Cement News