Readymix hit by slow construction sector

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The 44 percent decline in revenue in the first six months of 2016 by the largest pre-mixed concrete supplier is one of the most graphic examples of the decline in construction activities.

In fact, some key players in the construction sector say the decline is significantly worse than Readymix’s 44 per cent.

The company made the revelation in its six-month financial report.

Notably, the company stated that it does not anticipate an improvement in the construction sector for the remainder of the year.

Readymix, a member of the Trinidad Cement Ltd., said it would concentrate on “cost reduction and improvement in operational efficiency.”

The company did not indicate whether there would be job losses.

TT Whistleblower has been reporting that the construction sector is continuing to contract, with little activity in public works.

Hundreds of workers have been sent home.

Several contractors, especially small and mid-sized operators, have been having difficulties in meeting financial obligations.

Some have disposed of assets in order to meet loan commitments.

Major infrastructural projects have been shut down and no new ones have been initiated.

In addition, contractors are owed a total of some $1.2 billion.

Finance Minister Colm Imbert is currently on a so-called “road show” in the United States aimed at securing loans to a value of US $1 billion.

Some of that loan would be utilized to pay contractors, Imbert has indicated.

Any plans for new construction projects would likely be announced in the 2015-16 national budget.

In the meantime, the construction sector remains in a critical slump, with mass job layoffs, idle equipment, quiet plants and frustrated contractors.

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