Displaying items by tag: Tobago

Trinidad & Tobago: For the first quarter of 2013, Trinidad Cement (TCL) recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of US$17.8m. The result represented a significant improvement over TCL's results for the same period of 2012. The first quarter 2013 EBITDA represents 74% of its EBITDA for the whole of 2012.

Revenue for the quarter increased by US$18.3m compared with the same period of 2012 as a result of higher cement sales volumes. Volumes increased by 52% in Trinidad & Tobago, by 7% in Jamaica and by 29% in export markets. It was helped by higher selling prices in most markets.

TCL said that, as a result of the significant expenditure made in the latter part of 2012, plant performance has been more reliable and efficient, with clinker production exceeding prior year by 32%. Part of this is due to a prolonged TCL strike in 2012. Cement production was up by 21% year-on-year.

As a consequence of the above factors, TCL has reported a net profit after tax for the first quarter of 2013 of US$$2.22m compared with a net loss of US$11.7m in the same quarter of 2012.

Looking ahead the company says that the Trinidad & Tobago market has recorded very strong demand and it is anticipated that this will continue. While it saw a declining demand trend in Jamaica and Barbados, it is hoped that growth will return to these markets following elections in Barbados and the conclusion of an IMF agreement in Jamaica. In addition, TCL said that the growth being experienced in Guyana and Suriname and the initiatives by the group in the pursuit of additional export markets, plant efficiency and cost containment, are likely to contribute to the continuation of its good results for the coming months.