Carib Cement Reports a 32.9% Contraction in Profit For First Six Months of 2020

• Despite a 2.2% (or $201.92Mn) expansion in revenues, Caribbean Cement Company Limited reported a 32.9% contraction in net profit for the six months ended June 30, 2020. Net profit declined to $1.00Bn (EPS: $1.18) from the $1.50Bn (EPS: $1.76) made in the previous year.
• The drop in profit was primarily as a result of a 68.9% ($268.31Mn) increase in losses on foreign exchange. Additionally, cost of sales increased by 4.4% (or $217.39Mn), and tax expenses were  up 34.3% ($188.74Mn)
• The stock has declined 46.8% since the start of the year and closed trading at $44.37 on Tuesday. At this price, CCC currently trades at a P/E of 27.2x earnings which is above the Main Market Industrials and Materials sector average of 22.2x earnings.

(Source: CCC Financials)