Profit for Trinidad Cement’s third quarter improved over the second quarter, with net profits of $30 million up from $18.7 million in the June quarter and just $6 million in the similar quarter in 2013. For the nine months to September, profit for the group’s shareholders amounted to $60 million versus $69 million in 2013.
The 2014 figures reflect cost of nearly $29 million associated with an attempt at restructuring the heavy debt the company has, but the 2013 results benefited from a tax credit of $27 million.The profit flowed from revenues of TT$514 million for the September quarter, an increase of only 3.6 percent from $496 million in 2013, and for the nine month in 2014, the Group recorded growth in revenue of $97 million or 6.5 percent, to reach $1.587 billion. “This improvement was driven by growth in the domestic cement markets in Trinidad and Jamaica, whilst the Barbados market remained relatively flat. In addition, concrete sales improved by 12.3 percent. In Jamaica, Caribbean Cement was able to supply 80,300 tonnes of clinker to Venezuela. Price increases were implemented in Trinidad, Jamaica and Guyana,“ management stated in a release with the financial report.
Net finance costs fell by $30 million, due to lower foreign exchange losses of $15.4 million and lower net interest cost of $14.3 million to hit $144 million for the nine months period. Finance cost fell to $47 million in the September quarter, compared with $51 million in 2013.
Operating Profit before Interest, taxes, depreciation and non-recurring items from continuing operations increased by $31 million or 9.6 percent to $125 million in the latest quarter and was $326 million for the nine months, to September versus $326 million in 2013. According to management “the increased revenue was eroded by escalating costs in Jamaica due to the depreciation of the Jamaican dollar and increased operating costs in Barbados.”
Earnings per Share amounted to 24.4 cents compared with 28.2 cents for the nine months period in 2013, but the latter was boosted by a large tax credit. For the quarter earnings per share amounted to 13 cents from continuing business.
Management stated that “The operations of Premix & Precast Concrete Inc. (Barbados), a subsidiary of Readymix West Indies, was discontinued in September due to the prolonged operating losses at this location, resulting in a loss of $3.4 million recorded for the quarter and $4.2 million for the nine months of 2014.”
The Board stated that they are currently negotiating with the financiers to have a restructured loan agreement. Negotiations are also in progress between the Company and the trade union to have an agreement with regard to retroactive payments for the expired collective agreements. A comprehensive financial and operational review of the Group is in progress and a restructuring plan, which seeks to secure the long-term viability of the Company, is scheduled to be completed by October.
The debt at the end of 2013 was just under $2 billion all of which has been switched to current liabilities as a result of the default occasioned by the decision of the company to suspend payment on the debt pending negotiation of the terms. Equity stood at $570 million at the end of September, well below the debt. All amounts are in TT dollars.
Trinidad Cement is list on the Trinidad, Jamaica, Guyana, Eastern Caribbean and Barbados stock exchanges.
Profit continues at TCL but equity needed
No declining stocks on Tuesday on TTSE
Trading on the Trinidad Stock Exchange was moderate with 12 securities changing hands of which 4 advanced, none declined and 8 traded firm, 201,944 units changed hands, with a value of $2,518,522.
The Composite Index rose by 0.08 points to close at 1,146.66, the All T&T Index advanced by 0.16 points to close at 1,980.23 and the Cross Listed Index remained at 40.98.
Gains| Stocks increasing in price at the close are, Agostini’s gaining 4 cents to end at $17.34 with 571 units, Ansa Merchant Bank traded 584 shares to close at a new 52 weeks’ high, of $39.33, by putting on a cent, First Citizens Bank gained 2 cents to $36 while trading 26,303 shares with a value of $946,904 and Massy Holdings closed with 4 cents gain to end at $68.50 while 7,130 shares traded.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, ANSA McAL at $66.25 while trading 3,201 shares, Clico Investment Fund with 9,700 shares valued at $213,400 remained at $22, Guardian Holdings traded 3,000 shares at $13.50, National Commercial Bank with a volume of 50,150 shares closed at $1, National Flour had 1,000 units changing hands to end at $1.30, ReadyMix put in only 100 units at $18.80, Sagicor Financial Corporation with 80,205 shares changing hands for a value of $501,281, closed at $6.25, followed by Scotia Investments with 20,000 shares at $1.50.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with the bid higher than their last selling prices and 3 stocks with offers that were lower.
Low trading continues on TTSE
Trading on the Trinidad Stock Exchange was on Monday resulted in 12 active securities of which 3 advanced, 1 declined and 8 traded firm, with 265,142 units changing hands, with a value of $1,321,392. One stock closed at new 52 weeks’ high and one at 52 weeks’ low.
The Composite Index rose 0.10 points to close at 1,146.58, the All T&T Index rose by 0.19 points to close at 1,980.07 and the Cross Listed Index remained at 40.98.
Gains| Stocks increasing in price at the close are, Agostini’s as the price increased by 5 cents to end the day at $17.30, while trading 1,020 shares, Ansa Merchant Bank with 584 shares to gain 2 cents and ended at $39.32, a new 52 weeks’ high and National Enterprises, 500 shares traded 1 cent higher, at $17.76.
Declines| Readymix that seldom trades, suffered a decline of 20 cents to end at $18.80 for a new 52 weeks’ low, as 100 units changed hands, and is the sole stock declining at the end of trading.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Ansa Mcal, 222 shares trading at $66.25, Berger Paints Trinidad with 100 shares, closed at $3.61, First Citizens Bank had 2,627 units changing hands at $35.98, Guardian Holdings contributed 65,700 shares, with a value of $886,950 and closed at $13.50, Jamaica Money Market Brokers traded 5,000 shares at 45 cents, National Commercial Bank with 100,000 shares changing hands for a value of $100,000, closed at $1, followed by Scotia Investments with 81,435 shares for $122,153 at $1.50 or the Jamaican equivalent of J$26.25. It last sold in Jamaica at $21.50, while Sagicor Financial Corporation added 7,854 shares valued at $49,088 at $6.25.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than their last selling prices and 2 stocks with offers that were lower.
Scotiabank set for more fall on TTSE
Scotiabank did not trade on Tuesday but seems set for a big drop when next it trades, unless someone intervenes at a higher price than the last. The stock closed with an offer to sell 280 shares at $66.99 well off the last selling price of $68.37.
The bank’s stock has been weak since they reported lower half year results, at the end of May.
Trading on the Trinidad stock market resulted in 13 securities changing hands of which 2 advanced, 3 declined and 8 traded firm, with 771,780 shares changing hands, with a value of $6,307,843.
The Composite Index rose 0.11 points to close at 1,164.86, the All T&T Index advanced by 0.48 points to close at 2,009.39 and the Cross Listed Index fell 0.03 points to 41.94.
Gains| Stocks increasing in price at the close are, First Citizens with 6,442 units and gained 8 cents to close at $35.40 and Unilever Caribbean gained 19 cents to end the day at $62.75 while trading just 25 shares, for a new 52 weeks high.
Declines| The stocks declining at the end of trading, are Clico Investment Fund with 58,100 shares valued at $1,260,075, the price fell by 1 cent to end at $21.68, Readymix (West Indies) lost 33 cents to close at $19 a new 52 weeks low, with only 50 units trading and Sagicor Financial that saw 15,299 shares changing hands, the price fell 4 cents to $6.70.
Firm Trades| Stocks closing with prices unchanged at the end of trading, are Ansa Mcal with 224 shares, closed at $66.30, Firstcaribbean International Bank contributed 24,121 shares with a value of $120,605, to close at $5, Guardian Holdings with 257,302 shares traded for $3,705,149, closed at $14.40, Massy Group traded 1,894 units to close at $69.40, National Enterprises with 15,355 units, ended at $18.24, National Flour Mills with 367,432 shares changing hands for a value of $367,432, closed at $1, followed by while Point Lisas Industrial Port Development that added 20,536 shares valued at $85,224, and closed at $4.15, Trinidad Cement traded 5,000 units to close at $1.95
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 3 stocks with bids higher than their last selling prices and 2 stocks with offers that were lower.