Caribbean Cement revenues near $5 billion mark
Caribbean Cement Company (CCC) Limited reported revenues of $4.8 billion for the second quarter ending June 2020, representing a growth of two per cent when compared with the similar quarter in 2019.
The company recorded earnings before taxation of $1.0 billion for the three months ended June 30, 2020, which was an improvement of 55 per cent above the $0.7 billion achieved in the second quarter of 2019.
The overall consolidated net income for Carib Cement was $0.5 billion, which was 41 per cent higher than the comparative period last year.
The company indicates that despite the increased operational risks posed by COVID-19, it has continued to pursue its plant modernisation programme and investment in training, with “favourable results in health and safety outcomes.”
Carib Cement Chairman Parris A. Lyew-Ayee said that a contributory factor to company’s positive performance was its “aggressive USD debt repayment policy. This he said, led to the reduction of financial expenses of $0.06 billion (-28 per cent) and a decrease in foreign exchange loss by $0.08 billion, (-18 per cent) over Q2 2019.
Net cash generated by operating activities was $1.6 billion.
Lyew-Ayee said both cash flow generation during the quarter and available cash at the beginning of the period have allowed the company to reduce debt by $1.0 billion during the quarter and by $2.1 billion over the first half of the year.
Looking ahead, Lyew-Ayee noted, “While it is still very early to fully evaluate the long-term effects of COVID-19 on our operations, we believe that this event has made us a stronger and more efficient organisation.”