Wednesday, October 22, 2014
THE island's sole cement manufacturer Caribbean Cement Company (Carib) plans to resume exports to Venezuela this month amid posting a positive outlook for its financial year.
The outlook also serves as a broader indicator of sustained economic activity for the ailing island.
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| Carib Cement |
Carib already recorded near 10 per cent year-on-year growth in sales during the three months to September 30, when it generated $3.5 billion in revenue.
"The recent trend in the domestic market is expected to continue as well as improvement in the export earnings," said Carib in a joint notice accompanying the financials signed by new chairman Christopher Dehring and director Hollis Hosein. "In addition, we have entered into a new agreement to supply 240,000 tonnes of clinker to Venezuela, starting shipments in October 2014.
"We therefore remain cautiously optimistic that these favourable results can be sustained."
Between July and September, the company supplied 149,000 tonnes of cement to the local market, or two per cent more than year-earlier levels.
It also exported 17,100 tonnes of clinker, or 155 per cent more than a year ago.
But its exports of cement are down by one-quarter to 58,500 tonnes, which it expects to rebound based on shipments to Venezuela. more
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