Caribbean Cement Company Limited (CCCL) reports sharp decline in Q3 profit

For the nine months ended September 30, 2018, CCCL reported a net profit of $1.31Bn, down -30.6% relative to the $1.88Bn reported in 2017. Despite a +7% growth in revenue to $13.24Bn over the period, the reduction in profit was driven by significant increases in a number of expense line items. Increases were recorded in Depreciation and amortization expense ( 101.9%) or -$407.9Mn over the period. CCCL also reported net finance costs of -$1.08Bn for the period, compared to an income of $4.4Mn a year prior; while tax expense increased by 178.3% or  $448.5Mn. The company can look forward to increased competition in the future as Haiti-based Gilbert Bigio Group recently announced its intention to widen its Jamaican footprint with plans to pump $2Bn into the construction of local cement plant.