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Caribbean Cement Company is pointing to rising costs and the effects of the recession in the United States as the reasons for its decision to further hike the price of its products.
General Manager Anthony Haynes told the RJR's Financial Report that effective August 1, the price for cement went up by 6%.
The last price increase was in January.
In its just released financial results for the six months ended June 30, Caribbean Cement gave notice that the situation could remain a little bleak.
It said the cement and concrete markets are likely to remain soft in the short to medium term.
During the first half of its financial year, Caribbean Cement recorded a net profit of $271 million up from $252 million last year.
Increased production
Caribbean Cement also said it is now in a position to increase production after the commissioning of its new kiln on Tuesday of this week.
"The commissioning of the kiln began two weeks ago and by the end of next week we should be producing clinger out of kiln 5 and the other project, the building of the new mill, in that case the foundation work has progressed and we're looking to the start of that mill in the first quarter of 2009," said Mr. Haynes.
General Manager Anthony Haynes told the RJR's Financial Report that effective August 1, the price for cement went up by 6%.
The last price increase was in January.
In its just released financial results for the six months ended June 30, Caribbean Cement gave notice that the situation could remain a little bleak.
It said the cement and concrete markets are likely to remain soft in the short to medium term.
During the first half of its financial year, Caribbean Cement recorded a net profit of $271 million up from $252 million last year.
Increased production
Caribbean Cement also said it is now in a position to increase production after the commissioning of its new kiln on Tuesday of this week.
"The commissioning of the kiln began two weeks ago and by the end of next week we should be producing clinger out of kiln 5 and the other project, the building of the new mill, in that case the foundation work has progressed and we're looking to the start of that mill in the first quarter of 2009," said Mr. Haynes.