Trinidad Cement Limited says subdued economic activity is responsible for the 2017 decline in group earnings.

The company recorded group earnings before interest, taxes, depreciation and loss on disposal of property, plant and equipment and restructuring costs of $313 compared to $464 million in 2016.

At TCL’s Annual General Meeting on Friday Chairman Wilfred Espinet told shareholders the group incurred significant costs from manpower, stockholding and inventory restructuring and impairment of assets in Barbados.

Collectively the impact of these expenses was a reduction in net income by $234 million, resulting in an operating loss of $49 million versus an operating profit of $224 million in 2016.

Mr. Espinet said the increase in ownership by Mexican cement giant Cemex in January 2017, was the most significant development in TCL’s recent history, placing the caribbean’s sole cement manufacturer on a stronger, more sustainable trajectory for growth and competitiveness.

A dividend of $0.02 per share was paid for the year ending December 31^st , 2016.