Caribbean Cement Company’s Financial Performance For Q2 June 2019, Saw A 6% Jump In Group Revenue To JA$4.7 Billion
Caribbean Cement Company Limited’s financial performance for the second quarter ending June 2019, saw the Group earning revenue of $4.7 billion, which is an increase of 6% when compared with the same period of 2018.
Earnings before interest, depreciation, impairment, amortisation, stockholding and inventory restructuring costs and taxation were $1.8 billion, or 4% higher than the $1.7 billion reported for Q2 2018.
Profit before tax for the quarter was $0.7 billion, a decrease of 30% from the $1.0 billion achieved in Q2 2018.
Of note, is that the profit before tax for the first half of the year was $2.0 billion, an increase by 38% compared with the $1.5 billion achieved during the same period last year.
Net Profit for the period decreased to $0.4 billion and has resulted in earnings per share of $0.43 as against $0.79 in 2018. As a result, the overall profit to date is $1.5 billion, an increase of 48% over 2018 resulting in earnings per share of $1.76.
Commenting on the results Chairman Parris A. Lyew-Ayee indicated that during the quarter, they continued to make headway in improving operational efficiencies.
However, in spite of the gains made by increase in revenue (6%) and EBITDA (4%), higher finance charges due to foreign exchange losses had a negative impact on the profit before tax.
Higher interest expenses associated with the loan acquired on May 30, 2018, in connection to the acquisition of Kiln #5 and Cement Mill #5 have also been contributing factors.