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Dr. William Lawrence writes on 'Restructuring Trinidad Cement'

The leading producer and marketer of cement in the Caribbean, TCL Group (TCL), is in need of turnaround. TCL has eight operating companies: four in its home market Trinidad and one each in Jamaica, Barbados, Guyana and Anguilla.

For the nine months ended September 2010, TCL reported a net loss margin of 2.5 per cent with 12 per cent revenue decline relative to the corresponding period 2009. Citing the global economic recession as the main reason for the problem, TCL's Board of Directors wrote: "Principally due to heavy losses incurred by the subsidiaries in Jamaica and Barbados, the Group has breached its short term borrowing and current ratio covenants."

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