Jamaica News

Although Caribbean Cement Company posted an increase in revenue for the nine-month period ended September 30, 2009, it was insufficient to offset steep interest expenses and soaring foreign exchange losses. As a result, Caribbean Cement Company swung to a loss of J$0.09 per share from earnings per share of J$0.25 year-over-year.

In Q03 2009, loss per share widened to J$0.34 from J$0.07 year-over-year. Carib Cement is still strapped for cash, as seen with its negative cash and cash equivalents balance of J$82.73M at the end of the period.

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.