Cement News tagged under: Barbados

RSS feed

Rock Hard Cement wins classification ruling

07 August 2019, Published under Cement News

Barbados-based Rock Hard Cement Ltd has won a final court ruling regarding the classification of its cement and therefore its related tariff. "Today’s judgment settled the dispute as to whether Rock Hard Cement ought to be classified as ‘Building cement (grey)’ and be charged a CARICOM tax of 15 per cent when imported into the region, or as ‘Other hydraulic cement’ in which case a levy of 0-5 per cent would be payable," said the Caribbean Court of Justice (CCJ) in a statement.  Earlier...

CCJ rules in favour of reducing tax on imported hydraulic cement

18 April 2019, Published under Cement News

The Caribbean Court of Justice (CCJ) has ruled that the regional tax, known as the Common External Tariff (CET), payable on cement categorised as ‘other hydraulic cement’ should be set at five per cent. The ruling endorses a rate that is a fraction of the 60 per cent tariff that Barbados-based Rock Hard Cement had once paid on imports from Portugal and Turkey, according to the Jamaica Gleaner. In 2001, Caricom’s Council for Trade and Economic Development (COTED) had granted Barbados an ex...

Rock Hard Cement loses import tariff judgement

19 December 2018, Published under Cement News

The Caribbean Court of Justice (CCJ) has ruled in favour of Trinidad Cement Ltd (TCL) and Arawak Cement Ltd over their dispute with importer Rock Hard Cement to have the tariff remain at 60 per cent for imported hydraulic cement to Barbados, rather than being lowered to five per cent. The court is still to determine the classification guidelines for hydraulic cement that Rock Cement imports for its local operations in Barbados.

Rock Hard Distribution Ltd fights back against jurisdiction

20 August 2018, Published under Cement News

The Customs Committee of the Council for Trade and Economic Development (COTED) has come under fire from Rock Hard Distribution Ltd that says the body has "no jurisdiction" to consider the classification of Rock Hard Cement or any goods under the Common External Tariff. The CARICOM Secretariat had invited Rock Hard Distribution Ltd to a meeting on 15 August in Guyana to discuss the classification of cements, following the dispute over imported hydraulic cement to Barbados. However, a sta...

TCL and Arawak Cement seek redress over reduced import tariffs

16 May 2018, Published under Cement News

Trinidad Cement Ltd (TCL) and its Barbados-based subsidiary Arawak Cement Ltd are reported to have filed legal action against the Government of Barbados, accusing it of breaking the Caribbean Community (CARICOM) single market and economy, according to Barbados Today. Barbados Labour Party (BLP) leader, Mia Mottley, explained that the lawsuit was lodged last Friday with the Trinidad-based Caribbean Court of Justice (CCJ). "These people are going in the original jurisdiction against the G...

Trinidad Cement revenues down 12%

04 May 2017, Published under Cement News

Trinidad Cement Ltd (TCL) said its revenue for the first three months of the year was down by 12 per cent YoY to TTD422m (US$62.5m) due to a construction slowdown in one of its major markets and tougher regional competition. Group volumes in 1Q17 were down six per cent YoY which the company said reflected a slowdown in Trinidad and Tobago construction activity, compounded by increased competition in the Caribbean region. However, TCL noted that positive trends continued in the Jamaican m...

Barbados: Arawak Cement redundancies

19 October 2016, Published under Cement News

Arawak Cement Co, St Lucy, Barbados, have formally offered its staff voluntary separation packages as part of a financial and operational restructuring programme that was first put into action October 2015. The company issued a statement last month explaining that the separation packages would be offered as the first phase of restructuring had not yielded the necessary results. The company statement read, ““This is due to the unfavourable economic conditions globally and in the region, th...

Barbados: Arawak reports improved performance

16 May 2016, Published under Cement News

Arawak Cement Co Ltd of St Lucy, Barbados, announced a turnaround in its finances in 2015. While it did not release any hard data, it described 2015 as a “very encouraging” year. The company reported improved operational efficiencies and a 20 per cent rise in exports when compared with 2014. Chairman Arun Goyal said the improved performance resulted from strategic initiatives and “an adherence to the core objectives of sustainability and competitiveness as our driving force”. Last Octo...

TCL Group plans delisting

24 June 2015, Published under Cement News

In the midst of a major debt restructuring exercise, Trinidad Cement Ltd (TCL) has announced that it could delist from the Barbados Stock Exchange (BSE), the Eastern Caribbean Securities Exchange (ECSE) and the Guyana Association of Securities Companies and Intermediaries Inc (GASCI) following its annual shareholders meeting next month. In a notice last week, the Caribbean-based company said that a continued listing on the three regional stock exchanges was “not economically feasible”. ...

Trinidad Cement Ltd 1Q13 boosted by higher sales volumes and prices

13 May 2013, Published under Cement News

For the first quarter of 2013, Trinidad Cement Ltd recorded EBITDA of JMD114.2m (US$1.16m), reflecting a significant improvement over the first quarter of the previous year and 74 per cent of the total EBITDA achieved throughout 2012. Revenue for the quarter increased by JMD117m compared with the prior year as a result of higher cement sales volumes, the group said in a statement. Volumes were up YoY by 52 and 29 per cent  in the markets of Trinidad and Tobago and Jamaica, respectively, w...