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CCCL first quarter financial report

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World Cement,

The CCCL group reported a consolidated profit of US$248 million for the first three months of 2015 compared to a profit of US$35 million in the corresponding period of 2014, an improvement of US$213 million.

Total revenue was on par with the previous year, despite a decline in domestic sales volumes of 3%. However, an increase in clinker sales, lower energy costs, improvements in operational efficiencies, effective control of fixed costs and lower financing costs contributed to the improved financial performance. As a consequence of the TCL Group restructuring its debt with its lenders, CCL’s short-term loans have been reclassified to long-term liabilities. The company’s liquidity position has improved over the quarter and cash in bank has moved from US$178 million to US$543 million.

The multilateral lending agencies continue to express confidence around Jamaica’s economic prospects and local business and consumer confidence also hit a two-year high in the last quarter of 2014. The low oil price environment also provides an opportunity to consolidate the fiscal and structural reforms that can boost long-term growth and development. At the same time, lower electricity and fuel prices not only reduce the company costs but also create more disposable income in the marketplace. With the improved macroeconomic conditions, CCCL have seen a small rise in domestic demand, and this is expected to hold going forward. We are encouraged with the improvement in the performance of the company.

Adapted from press release by Joseph Green

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