The Group generated $4.4 billion in revenue in the third quarter, a decrease of 2 per cent when compared to the same period last year. The Group attributed this to the unusual heavy rainfall which negatively impacted sales volumes and the higher operational expenses resulting from the timing of major maintenance performed on equipment. Profit margins hardened during the quarter as the net profit for the third quarter shrunk to $77 million, a massive 70 per cent decline when compared to the corresponding period last year.
According to Carib Cement, it has been focused on the modernisation of the cement plant in the east Kingston community of Rockfort, in keeping with its belief that a strong local industry is key for the development of the country and central to building a greater Jamaica.
The operations of the plant have been boosted over the past four years by an investment of more than $22 billion in capital expenditure and more than $500 million in training, health and safety, and improving the environment of the plant.