Caribbean Cement Company Reporting Growth In Q3 Revenue When Compared To 2017.
Parris A. Lyew-Ayee Chairman of Caribbean Cement Company is reporting that the financial performance for the third quarter ending September 2018 saw growth in revenue when compared to the same period of September 2017.
He said revenue earned for this period was JA$4.5 billion, which represents an increase of 7%, in comparison to the third quarter ending September 2017.
There was also similar growth in revenue for the nine months’ period, which was reported at JA$13.2 billion, representing an increase of 8% in comparison to the same nine-month period of 2017.
Earnings before interest, taxation, depreciation, amortisation and restructuring costs (EBITDA) for Q3 2018 was JA$1.6 billion, which was 8.6% lower than Q2 2018 and represented an increase of 61% in comparison to the JA$966 million reported for Q3 2017.
Overall, EBITDA for the nine-month period of 2018 was JA$3.9 billion, a 59% increase from comparative period for 2017.
Commenting further on the results he indicated that the positive results for the EBITDA was due mainly to the Company being more efficient on the plant, which resulted in lower costs being incurred in operation.
The termination of the operating lease arrangement with Trinidad Cement Limited (TCL) and the increase in revenue, he reported, have also contributed positively to the EBITDA amongst other strategic decisions that compensated for the impact of the increase in the variable cost from imported clinker and cement.
Profit before taxation for Q3 2018 was JA$531 million, which was a decrease of 45% over Q2 2018 and a decrease of 37% compared to Q3 2017 (JA$847 million).
Net profit after taxes for the period amounted to JA$305 million with a $0.36 earnings per share.
The reduction in profit before taxation compared to the same period in 2017 was impacted by foreign exchange losses of JA$464 million and interest payments of JA$227 million. Both are related to the loans received to finance the acquisition of Kiln 5 and Mill 5.
Carib Cement has set as its main priorities as of September 2018 as continuing to be the focus on safety, financial and operational performance, and customer-centricity, while serving the community as part of their approach to corporate social responsibility.BM
To view Caribbean Cement Company Limited Condensed Consolidated Unaudited Interim Financial Report for the Nine Months Ended September 30, 2018 click HERE