Home Businessuite Markets Despite Restructuring Costs And Increased Energy Expenses, CCCL 2017 PBT 15% Higher Than 2016
Despite Restructuring Costs And Increased Energy Expenses, CCCL 2017 PBT 15% Higher Than 2016

Despite Restructuring Costs And Increased Energy Expenses, CCCL 2017 PBT 15% Higher Than 2016

0
0

2017 has been described by the Directors for Carib Cement Company as a transition year.

This as the financial performance saw significant improvement over 2016, driven mainly by lower operating expenses, as the restructuring and efficiency improvement programs executed took full effect.

Revenue was JA$16.5 billion, which represented an increase of 5% compared to 2016.

Chairman of the company, Parris A. Lyew-Ayee,
in his comments to shareholders reported that net cash generated by operating activities for the year of JA$3.2 billion is an improvement of 86% compared to 2016 and is due primarily to more efficient working capital management.

Commenting further he indicated that significant cash resources were allocated to capital expenditures, up to $2.2 billion, to areas including Health and Safety, expansion works and improvement of operational efficiencies.

During Q4-2017, he said the Company incurred significant restructuring costs of $875 million, which will allow for the development of a more competitive and flexible cost structure and increase the profitability of the plant going forward.

Despite these restructuring costs and significant increases in energy and fuel related expenses, CCCL profit before tax was $1.56 billion, 15% higher than the $1.35 billion for 2016.

Carib Cement net profit after taxes for the period 2017 amounted to $1.15 billion or $1.35 earnings per share.

To view Caribbean Cement Company Limited Summary Consolidated Audited Financial Report click HERE