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.
Here’s a list of upcoming annual general meetings for Jamaican companies:
Pegasus Hotels of Jamaica Ltd Annual General Meeting – Monday June 29, 2009
GraceKennedy Ltd’s Annual General Meeting – Wednesday May 27, 2009
Caribbean Cement Company Annual General Meeting – Thursday May 21, 2009
Mayberry Investments Ltd Annual General Meeting – Wednesday May 20, 2009
First Jamaica Investments Ltd Annual General Meeting – Thursday May 14, 2009
Pan-Jamaican Investments Trust Annual General Meeting – Thursday May 14, 2009
Capital & Credit Financial Group Annual General Meeting – Wednesday May 13, 2009
Guardian Holdings Ltd’s Annual General Meeting – Wednesday May 13, 2009
Pegasus Hotels of Jamaica Extra-Ordinary General Meeting – Tuesday May 12, 2009
Pan Caribbean Financial Services Ltd AGM – Wednesday May 06, 2009
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.
