Trinidad Cement Q1 profit inched higher

Trinidad Cement

The Trinidad Cement Group generated revenue of $429 million during the March 2018 quarter, an increase of just 2 percent compared to 2017.
The Group recorded a 5 percent increase in profit for the period to $27 million versus $26 million in 2017 and EPS of 6 cents. The results benefited from increased demand for cement in Jamaica and Guyana and increased export dispatches from Barbados the company reported, but there was “lower revenue from the Trinidad operations, due to lower sales volumes arising from the contraction of the construction industry,” management stated.
Group earnings before interest, taxes, depreciation, loss on disposal of property, plant and equipment, and restructuring costs was $92 million for the period, down from $98 million in the 2017 quarter. There was higher costs from the planned equipment maintenance executed during the quarter at the Jamaica plant. The Group achieved a 55 percent reduction in finance costs to $13 million from nearly $28 million in the March 2017 quarter. Restructuring of loans in 2017 resulted in a 276 basis point reduction in the effective interest rate, potentially reducing finance cost by 30 percent. A net total of $167 million was repaid to lenders since April 2017, thus reducing the principal outstanding and finance costs.
Cash generation was impacted positively by better working capital management, improving to $105 million versus 2017. The Group invested $23 million in capital projects in the quarter and repaid $97 million of debt. The reduction in the loan will have a further positive impact on finance costs going forward.
Shareholders equity fell to $767 million from $1 billion in 2017 but is up on the December position of $753 million. Borrowings was $818 million with $244 million to be repaid within a twelve months period.
The TCL Group’s financial, operational and strategic direction is dedicated to producing favorable results notwithstanding the current restraints and challenges facing Trinidad and Tobago’s economy, management advised shareholders in their comments accompanying the results.
Going forward, there should be strong increase in demand from Guyana with the discovery of oil in commercial quantities, while the rest of this year should see a pickup in sales as well as lower finance in the Jamaican operation that should help boost profit for the overall group.
The stock last traded at $2.62 on the Trinidad and Tobago Stock Exchange at a PE around 10 times 2018 earnings.

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