Carib Cement losses climbing

(Jamaica Gleaner) Caribbean Cement Company Limited made a loss of J$608 million in the second quarter, even while cement sales appeared to have stabilised in the period.

Domestic and export sales combined stayed flat at 185,000 tonnes in the June quarter.

Clinker exports, however, dropped to less than half the 2010 levels in the period.

Total revenues also underperformed, falling from J$2.13 billion to J$1.96 billion.

The loss in the quarter was almost triple the losses of June 2010 and it pushes the company’s half-year deficit to J$858 million.

Last year, the cement maker lost J$1.56 billion. The losses continue to weigh on the cement maker’s balance sheet, which is now valued at a net J$2.16 billion, down from J$4.4b at June 2010.

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