RML sheds loss maker grows profit

Readymix West Indies (RML) achieved a net profit after tax of TT$6.3 million for the third quarter of 2015, compared with $2.6 million for the same period last year. Year to date profit after tax for 2015 rose to $13.8 million and is 34 percent above the year to date for 2014, of $10.3 million.
Earnings per share for the quarter amounts to 53 cents versus 33 cents in 2014 for the quarter and $1.16 versus $1 in 2014. The company discontinued operations in Barbados in 2014, excluding losses incurred in the discontinued business, results in earnings of 50 cents per share for the quarter in 2014 and $1.21 for the nine months.
Revenue for the quarter fell 7 percent to $57 million from $61 in 2014. It increased 7 percent for the nine months to $174 million from $162 million in 2014. The decline in sales in the September quarter was “impacted by a slowdown in the construction sector”, chairman of the company Nigel Edwards and the Group CEO, Jose Luis Seijo Gonzalez stated in a joint release with the financials.
The company generated cash flow from operations of $53 million up from $12 million in 2014 and ended with cash and equivalent of $58 million from $12 million in September last year.
RML has equity capital of $105 million, current assets of $111 million, current liabilities of $41 million and non-current liabilities of $10 million.
The company is a subsidiary of Trinidad Cement, its shares are listed on the Trinidad and Tobago Stock Exchange (TTSE), it provides premix concrete mixtures to customers in the construction sector. The stock last traded at $18.79 on the TTSE on January 6 this year but ends trading with a bid of TT17.72 on Friday October 30, putting the value at a PE of 10.