Trinidad Ce­ment Lim­it­ed's (TCL) rev­enue for the sec­ond quar­ter of the year reached $506.6 mil­lion, up by six per cent from the first quar­ter.

The com­pa­ny's lat­est fi­nan­cial re­port, which has been post­ed on the T&T Stock Ex­change, shows that this in­crease in rev­enue was dri­ven by an in­crease of do­mes­tic sales in Ja­maica. How­ev­er, rev­enue was 12 per cent low­er than for the same pe­ri­od in 2015 due to low­er vol­umes sold in T&T, low­er ex­port vol­ume of clink­er sold to Venezuela and a nine per cent de­crease in prices main­ly in Bar­ba­dos and Guyana.

In a joint state­ment to share­hold­ers, TCL chair­man Wil­fred Es­pinet and di­rec­tor Nigel Ed­wards said two ma­jor items of re­struc­tur­ing costs had a neg­a­tive im­pact on in­come. The group in­curred sev­er­ance costs of $22.2 mil­lion due pri­mar­i­ly to a man­pow­er re­struc­tur­ing ex­er­cise in Ja­maica and al­so un­der­took a com­pre­hen­sive re­view of its in­ven­to­ry of spares and con­sum­ables which re­sult­ed in a neg­a­tive ad­just­ment to in­ven­to­ries of $72.9 mil­lion

"To­geth­er, the im­pact of these one­time ex­pens­es was a re­duc­tion in net in­come by $95.1 mil­lion. As a re­sult, our first half net in­come was $45.3mil­lion, how­ev­er, ad­just­ing for the im­pact of those one­time re­struc­tur­ing ex­pens­es, our net in­come for the first half would have been $129.5 mil­lion."