An employee at the Carib Cement Rockfort Plant in St. Andrew.
The billion dollar financial loss racked up by Caribbean Cement Company Limited has had a domino effect on its parent, Trinidad Cement Limited (TCL).
The Group recorded a $7.7 million loss for the January to September period compared to a $77.9 million profit in the previous year.
TCL says while its Trinidad businesses remained profitable despite lower demand levels, heavy losses were incurred by its Jamaican and Barbadian subsidiaries due to continued depressed market conditions.
As was reported on Monday, Carib Cement suffered a net loss of $1.1 billion for the nine months ended September.
This was a dramatic plunge from the $75 million loss reported in 2009.
Faced with lower income streams, TCL has embarked on a debt restructuring exercise which involves deferring principal repayments on long-term loans due between 2011 and 2013.
In addition, short-term loans will be converted into longer term facilities.
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