PORT OF SPAIN, Trinidad, Feb 29, (CMC) – The Trinidad Cement Limited (TCL) Group says, profits after tax has amounted to TT$428.7 million (One TT dollar =US$0.16 cents) last year, compared with TT$211 million in the previous year.
The TCL Group, which consists of eight operating companies in Trinidad and Tobago, Barbados, Guyana, Jamaica and Anguilla, although it faced increased competition in the market, has recorded its highest ever revenue of TT$2.1 billion, an increase of TT$12.4 million compared to 2014.
“This represents the second consecutive year of record-breaking revenues for the TCL Group. The 2015 revenue achievement was mainly driven by a 12 per cent increase in cement sales volumes in Jamaica, and a 16 per cent increase in clinker sales volumes.”
The TCL Group said, that as of December 31, last year, total borrowings were reduced to TT$1.2 billion as against TT$1.8 billion the previous year.
It added, that significant savings in the cost of electricity and fuel mainly in the Jamaican operations, and manpower restructuring, were the key areas of focus last year, and that these savings “reflected in an increase of 44.3 per cent over 2014”.
The Group said, that it had also been able to negotiate amendments to the restructured loan agreement with its lenders and negotiate a short term loan agreement in May, which was followed by a five-year loan in August to repay all debt under the “Override Agreement”.
In its outlook for the future, the TCL Group said, that it has “fully remediated the debt condition which existed in 2014.
“Also through the restructuring process undertaken in 2015, it has also reduced its debt exposure and increased cash balances at year end. Principal payments to our lenders began in 2015 and we are fully up to date with all payments to lenders and are also fully compliant with our financial covenants”.