North / South America
The viability of Carib Cement being questioned
Aug, 09 2012
(Jamacia) -- The viability of Carib Cement has been called into question by the company's board, as losses accumulated to more than 5 point 3 billion dollars at the end of June, and now the company is banking on positive outcomes in new contracts to help keep it open.
Carib Cement in financials released earlier today however says things are improving, but there are uncertainties over its "ability to continue as a going concern".
The company is now hoping that its parent company, Trinidad Cement, will seal a three year supply contract that will allow it to boost production.
However Carib Cement's Managing Director, Anthony Haynes, was coy on giving details on the negotiation.
Mr Haynes however says with the debt restructured, things are looking much better for the company than earlier this year.
Sales in the second quarter grew mainly as Carib Cement filled the void left by strike at the TCL plant in Trinidad and Tobago.
That along with growth in the Haitian and Eastern Caribbean markets, helped to boost exports by 16 percent.
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