Carib Cement’s Q3 earnings dampened by heavy rainfall
Caribbean Cement Company Limited is reporting revenues $4.4 billion for the third quarter of 2019, marginally lower than the performance over the comparative period.
Profit margins hardened during the three months ending September 2019 as net profit shrunk to $77 million, a 70 per cent decline when compared to the corresponding period last year.
The company attributed this to the unusually heavy rainfall which negatively impacted sales volumes and the higher operating expenses resulting from the timing of major maintenance performed on equipment.
According to Carib Cement, it has been focused on the modernisation of the cement plant in the east Kingston community of Rockfort, in keeping with its belief that a strong local industry is key for the development of the country and central to building a greater Jamaica.
The operations of the plant have been boosted over the past four years by an investment of more than $22 billion in capital expenditure and more than $500 million in training, health and safety, and improving the environment of the plant.
Carib Cement is partnering with the government to conduct a pilot project to utilize scrap tyres in its kiln. During the pilot phase, about 200 truckloads of tyres will be transported from the Riverton Disposal site to the Rockford plant.
We are aiming to ensure that the project will result in safe and sustainable removal of tyres from the Riverton Disposal Site and the results of the trials will be made available to the public soon, CCCL said.