Tuesday, 01 November 2022 10:32

Carib Cement reports higher Q3 profit

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Local cement manufacturer Caribbean Cement made more profit in its third quarter, ended September, compared to the same period last year.
After meeting tax obligations, earnings amounted to $1.2 billion, compared to $43.7 million last year.
 
Carib Cement also saw an increase in overall earnings for the period, amounting to $6.2 billion. This is $672.4 million more than the $5.5 billion earned for the July to September period last year.
 
The company says its major maintenance work has helped it to see cost saving in the period. 
 
The cement company says despite its growth in performance, it continues to be negatively affected by inflation and the knock on effects of the COVID-19 pandemic and the Ukraine-Russia war, which forced fuel prices, power, and shipping costs upwards.