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Increase in revenue for Caribbean Cement
Caribbean Cement Company Limited (CCC), the Jamaican subsidiary of Trinidad Cement Limited (TCL), had a 28 per cent increase in revenue for the six months ended June 30. Mayberry Investments, a member of the Jamaica Stock Exchange, Mayberry and the primary dealer for the Bank of Jamaica, announced the results yesterday.
For the first half of CCC’s financial year, total revenue grew 28 per cent, “driven by improved pricing and an almost doubling of aggregate clinker and cement export sales volumes,” Mayberry said. Revenue amounted to JA$7.25 billion ($409 million), up from the JA$5.68 billion reported a year ago.
Caribbean Cement said revenue was “impacted by general inflationary increases driven by the depreciating currency, an increase in debt servicing and the cost of the planned annual shutdown of the clinker manufacturing line for the necessary relining of the kiln, during which time there was a significant draw down of clinker inventory resulting in a positive cash flow, but a negative operating result.
There is no major shut down of the kiln planned for the rest of 2014 when clinker inventory will be restocked and improved operating results are expected.”
Earnings before interest, tax, depreciation and amortisation (EBITDA) was JA$303.78 million in the first half of the year, versus JA$1.01 billion for the same period in 2013. Depreciation closed at JA$168.12 million, a 0.43 per cent decline year over year. Operating profit totaled JA$135.66 million for the period, while for the year prior, the company had reported a total of JA$842 million.
Interest expense amounted to JA$136.54 million for the period, versus JA$280.19 million for same period in 2013. Additionally, the company reported a JA$48.61 million loss on currency exchange, an improvement compared to the loss of JA$700.76 million recorded last year. Loss before taxation totaled JA$48.8 million, a decline of approximately 64 per cent relative to the loss of JA$137.35 million last year. Net loss closed at JA$53.24 million.
Mayberry said the company highlighted that “in comparing the results for 2014 with those for 2013 it is necessary to recognise the impact of the debt restructuring exercise that was completed in June 2013. In this regard, the results for 2013 include a JA$591 million reversal of previously accrued withholding taxes, resulting in a much improved operating profit for the first six months of 2013.”
Losses per share amounted to JA$0.06 versus 2013’s same period loss per share of JA$0.16. CCC’s total assets marginally declined one per cent year over year to close at JA$8.65 billion as at June 30. Shareholder’s equity totaled JA$4.7 billion, up from the JA$4.5 billion quoted as at June 30, 2013.