Trinidad Cement Ltd earns $446m for second quarter

THE Trinidad Cement Limited (TCL) Group has recorded $446 million in revenue from its operations for the second quarter of 2021. This information was contained in the group's condensed consolidated unaudited interim financial report for the six months ended June 30, 2021.

In the signed directors' statement attached to the report, TCL said, "Based on favourable financial results today and our assessment of market demand, we are more optimistic about the outlooks for the rest of the year."

But, TCL continued, the resurgence of covid19 infection rates in other countries and resulting government-mandated restrictions in those jurisdictions remain a concern which could impact on the group's financial results. "The outlook for the business will depend on the rate of vaccination, the achievement of herd immunity, the emergence of new waves of infection and the extent of government restrictions in response."

TCL also said it is closely monitoring the expected resumption of public works and infrastructure expenditures, and "the continued resilience of the retail segment that has driven the demand for our products in the last months."

TCL said the group invested $21 million in critical capital expenditure and repaid $66 million towards its long-term debt in the second quarter. TCL added that in the first half of 2021, the group reduced debt through repayments of $89 million.

In a notice on June 22, TCL said it entered into a loan agreement with Republic Bank for $67.5 million, a loan agreement with RBC Merchant Bank (Caribbean) for $67.5 million and an amendment and restatement agreement to its loan agreement of July 24, 2018 with Citibank (TT) Ltd for $135 million.

TCL said the proceeds from the loans granted under the agreements will be used to repay the entirety of its debt under the Citibank original loan, with a principal of $110 million, and the entirety of its debt under its loan agreement dated July 24, 2018 with First Citizens Bank.