May 5, 2009 0
Carib Cement Hit Hard
Caribbean Cement Company (Carib Cement) posted a 21.1% decline in Earnings Per Share (EPS) for the 1st quarter period ended March 31, 2009. Its EPS fell from JMD 0.19 to JMD 0.15 for that quarter.
Undoubtedly, Carib Cement seems to be pressured by declining construction demand, as cement sales fell 3.9% to 190.9 mm (cement tonnes). The Company was unable to cut its finance costs which leaped to JMD 234.5M from JMD 11.44M; this as foreing exchange translation losses significantly affected its operations. The devaluation of the Jamaican Dollar also hit the company hard, leading to its decline in profits for the period.