Trinidad Cement Ltd reported a net income of $112 million, a 34 per cent increase over the prior year.
This was revealed on Friday when TCL posted its consolidated financial report.
The increase, according to David G Inglefield was attributable to increased operating earnings and a 57 per cent reduction in financial expenses.
The groups adjusted EBITDA for the first six months of the year stood at $246 million which was a five per cent increase from the same period in the previous year. TCL reported a net income of $54 million, compared to the year before when TCL garnered a net income of $38 million.
“We are pleased with the TCL Group’s improved financial performance during the first six months,” the report said. “A performance driven by disciplined cost control and the implementation of price increases that helped to maintain margin erosion.”
“We remain vigilant to potential impacts on business performance driven by high inflation and restrictions on the supply chain for our materials and services.”