TCL reports $467m revenue

The content originally appeared on: Trinidad and Tobago Newsday

– File photo/ Jeff Mayers

THE Trinidad Cement Ltd (TCL) Group recorded revenue of $467 million during the third quarter of this year. TCL reported this in its consolidated, unaudited financial statements for the nine months ending Sept 30, 2021

TCL said this represented a three per cent decrease compared to the third quarter of 2020.

“Revenue for the quarter was mainly impacted by reduced cement sales attributable to adverse weather in Jamaica. On a year-to-date basis, the TCL Group recorded consolidated revenue from continuing operations of $1.4 billion, 12 per cent higher than the same period in 2020.”

This increase across the region, TCL said, “reflects a reduced 2020 comparable base as a result of the impact of the covid19 government restrictions in our markets, particularly in Guyana, Trinidad and Tobago and Barbados.”

On a year-to-date basis, the group reported “a net income of $60.6 million, a 24 per cent increase over the prior year. TCL said, “This increase resulted from a 36 per cent reduction in financial expenses which exceeded reductions in operating earnings.”

TCL said based on the financial results to date and assessment of market demand, “our outlook remains cautiously optimistic for the rest of the year.”

However,it added, “We remain concerned that the persistence of relatively high covid19 infection rates, the emergence of new variants and resulting government-mandated restrictions may further negatively impact the TCL Group’s financial results.”

But it also said, “We are also eagerly awaiting the expected resumption of public works and infrastructure expenditures, and of course the retail segment’s historical resilience that has driven the demand for our products in the last couple of months.”