Carib Cement pays down debt
An aerial view of the Caribbean Cement Company plant in Kingston.
Caribbean Cement Company says it has continued an aggressive US dollar debt repayment policy which has allowed it to reduce financial expenses by $36 million and foreign exchange risk.
The company stated that cash flow generation during the third quarter and the available cash at the beginning of the period allowed the company to reduce debt by $2.6 billion during the period and by $4.7 billion for the year to date.
Net cash provided by operating activities was $2.6 billion for the quarter and $5.2 billion for the year. For the third quarter ended September 30, the company earned revenue of $5.8 billion, representing a 32 per cent growth when compared with the corresponding period in 2019.
Operating earnings before other income and expenses for the period was $2.3 billion and $2.2 billion afterwards, representing an increase of $1.4 billion when compared to the third quarter of the prior year.
The directors said the operating result is attributable to higher volumes sold, cost containment measures and operational efficiencies which have allowed the company to keep operational costs and expense in check despite the increased rate of production.
The company recorded earnings before taxation of $1.8 billion, representing an improvement over the $0.2 billion achieved in third quarter last year.
“The third quarter of 2020 has shown the resilience of our company and how, through the expertise and commitment of our team, we have been able to withstand the unprecedented challenges presented by the COVID-19 pandemic.”
The company’s response to the pandemic to date includes enhanced safety protocols, customer engagement as well as targeted community support.