Cement News tagged under: Trinidad Cement Company

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Trinidad Cement seeks higher taxes on Rock Hard Cement imports

08 April 2019, Published under Cement News

Trinidad Cement Ltd (TCL) has written to the Caribbean Court of Justice to seek higher taxes to be imposed on Rock Hard Cement imports, according to the Nation. TCL wants the final appellate court to raise the tax on imported cement above the five per cent which has been suggested by last month's CARICOM Council of Trade and Economic Development (COTED). Hard Rock Cement has been importing product classified as 'other hydraulic cement' from Portugal, which makes it eligible for the five pe...

Caribbean Cement records JMD2.5bn profit

27 February 2019, Published under Cement News

Jamaica's Caribbean Cement Co set a record profit of JMD2.47bn (US$18.89m) in its last financial year. Sales by the cement producer rose six per cent to JMD17.5bn, while its net profit more than doubled from JMD1.1bn to JMD2.47bn. The results follow the restructuring of inventory and manpower and other efficiency measures, as well as investments in the plant at Rockfort, Kingston, reports The Gleaner. "The year 2018 marked the beginning of a period of stability for the company," Caribbean ...

New burner ordered by Trinidad Cement

21 February 2019, Published under Cement News

Unitherm-Cemcon has been awarded the contract for a rotary kiln burner for Kiln No 3. The burner for the 1230tpd wet-process plant will be designed for natural gas and liquid alternative fuel. The scope of supply includes: • one rotary kiln burner MAS/5/EG SO (fuels: natural gas and liquid alternative fuel) • flame monitoring device for the rotary kiln burner • gas electric ignition burner with control box and touchscreen for safe and reliable start-up • kiln burner trolley engineering and ...

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.

Caribbean Cement's debt repayments hurt 3Q18 results

31 October 2018, Published under Cement News

Caribbean Cement has blamed finance costs linked to debt owed to Cemex as well as volatile currency movements for its lower profits in 3Q18. The company's 3Q18 sales amounted to JMD4.5bn (US$33.5m) up seven per cent YoY, but profits fell to JMD305m at the end of September 2018, down from JMD748m a year ago. "The reduction in profit before taxation compared to the same period in 2017 was impacted by foreign exchange losses of JMD464m and interest payments of JMD227m. Both are related to t...

Caribbean Cement signs two loan agreements with Cemex España

01 June 2018, Published under Cement News

Caribbean Cement Co Ltd has signed two loan agreements valued at US$102m with Cemex España, which will be used for the repurchase of assets at its Rockfort facility. The loans will be mainly used to acquire kiln five and mill five, according to The Gleaner. The assets will be acquired from the company’s immediate parent, Trinidad Cement Ltd. "The remainder, if any, will be used for general corporate purposes," said Caribbean Cement in a market filing. Cemex SAB de CV, parent of Cemex Espa...

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...

Caribbean Cement pays first instalment of asset buyback

02 May 2018, Published under Cement News

Jamaica’s Caribbean Cement Co Ltd (Carib Cement) has paid the first instalment of JMD1.3bn (US$10.50m) on an asset buyback agreement with its parent company, Trinidad Cement Ltd (TCL). The agreement means that Carib Cement has 90 days to pay US$118m to TCL, to reclaim ownership of Kiln 5 and Mill 5 at its facility in Rockfort, Kingston, according to The Jamaica Gleaner. "The initial payment of JMD1.3bn towards the acquisition represents a significant investment in plant and equipment, imp...

Caribbean Cement considers exiting lease agreement

26 March 2018, Published under Cement News

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....

Caribbean Cement Co to refinance operating lease

14 July 2017, Published under Cement News

Caribbean Cement Co plans to refinance the operating lease for its Rockfort plant in Kingston, the Jamaica Gleaner reports. The company is to set up a dedicated advisory board to address its operating lease, payable to immediate parent company Trinidad Cement Ltd. "The structure of the lease is not the most efficient and might have made sense five years ago when Caribbean Cement had no possibility to finance its assets," said Caribbean Cement General Manager, Peter Donkersloot Ponce, at...