Cement News tagged: Corporate
CMS Bhd reports stable earnings, Malaysia
CMS Bhd (CMSB) reported a total revenue of MYR867.84m (US$206m) for the first half of 2015, a rise of 14.7 per cent on the MYR756.6m recorded a year earlier. Pretax profit in the first half of 2015 remained stable at MYR161.72m (versus MYR164.84m in 1H14). The group’s profit after tax and non-controlling interests was MYR98.08m, down 6.7 per cent from the MYR105.11m posted a year earlier whi...
UltraTech reportedly nearing deal to buy Bhilai grinding plant, India
UltraTech Cement is rumoured to be in advanced talks to buy Jaiprakash's 2.2Mta grinding plant in Bhilai, Chhattisgarh state, according to local press. Citing sources familiar with the matter, the reports state that the two companies are waiting for approval from state-run steelmaker Steel Authority of India Ltd (SAIL), which owns 26 per cent of the plant, before finalising the deal. In ...
Semen Indonesia's profit may ease this year
Semen Indonesia expects its net profit to drop this year as slowing demand and rising costs put pressure on the company's margin. "We expect revenue to be maintained [at the same level as last year's]. However, our EBITDA margin might be squeezed by around three per cent and our profit might be lower by about two per cent," Semen Indonesia president director Suparni told the Jakarta Post. ...
FLSmidth updates full-year guidance
FLSmidth’s order intake and revenue showed solid growth in the second quarter of this year supported by currency developments. However, the company noted that the outlook for the global mining industry has deteriorated in recent weeks, which has had an adverse impact on management's assessment of business risks and earnings in 2015. During the second quarter, the order intake increased 13 pe...
New Group CEO for Breedon, UK
Breedon Aggregates Ltd, the UK’s largest independent aggregates business, announced that Pat Ward, currently CEO of Aggregate Industries Europe (a subsidiary of LafargeHolcim), has agreed to join the company as Group chief executive officer. He will succeed Simon Vivian, who, having led Breedon since its creation has indicated his wish to step down as Group CEO and will move to a non-executive...
Higher production costs take toll on TPCC's half-year results
Tanzania Portland Cement Co (TPCC) posted a net profit of TZS22.17bn (US$10.4m), down 18.3 per cent from the TZS27.14bn recorded during the corresponding period last year. First half revenue climbed to TZS135.74bn as sales increased, but the increased cost of sales and insurance proceeds a took toll on profitability. TPCC Chairman, Jean-Marc Junon, said: "The operating profit for the period ...
Semen Indonesia to spend up to IDR1trn on buy-back
Semen Indonesia said it plans to buy back up to IDR1trn (US$70.85m) of its shares as their market value has fallen. "In the near future we will do buy-back because we don't want to lose the momentum," Ahyanizzaman, finance director at Semen Indonesia, told Reuters on Wednesday, adding that the company has yet to appoint the broker that will conduct the buyback. Shares of the cement maker hav...
Aboitiz secures loan to part-fund cement venture
Aboitiz Equity Ventures, Inc. (AEV) has signed an agreement for a US$400m (PHP18.7bn) loan that will partly finance its venture into the cement sector in the Philippines. In a disclosure to the stock exchange dated 20 August 2015, AEV said it "signed a facility agreement with The Bank of Tokyo-Mitsubishi UFJ, Ltd to obtain a bridge loan" of up to US$400m. "The proceeds of the loan will ...
CNBM reports 56% drop in first-half profit, China
China National Building Materials (CNBM) reported a 56 per cent decline in net profit for the first half of 2015, in line with the recent profit warning. JP Morgan's Asia Metals and Mining Analyst, Daniel Kang, notes that excluding a positive contribution from fair value adjustments to financial assets, a loss would have been reported. Operating cash flow fell 16 per cent YoY and restraine...
SCG Cement outlines additional Cambodian spend
SCG Cement has outlined an additional investment of US$200-300m into Cambodia over the next five years, according to Aree Chavalitcheewingul, vice president for regional business of SCG Cement-Building Materials. According to Thai media, the five-year investment plan includes adding a third line to its Kampotcement plant, southern Cambodia, where SCG commenced the second production line in mi...
Moody's upgrades West China Cement to Ba3; stable outlook
Moody's Investors Service has upgraded West China Cement Limited's (WCC) corporate family and senior unsecured ratings to Ba3 from B1. "The upgrade reflects the improvement in WCC's financial profile following the investment by Anhui Conch Cement Company Limited (A3 stable) in the company," says Franco Leung, a Moody's Vice President and Senior Analyst. At the end of June 2015, Conch had com...
Lucky Cement signs contract with Siemens Pakistan for SAP system
Lucky Cement Ltd has signed a contract with Siemens Pakistan to implement SAP Enterprise System. "Through SAP, we aim to drive progress through greater integration of our various locations, agility and enhanced efficiency of our operations and further efficiencies in our processes," said Executive Director, Noman Hasan.
Malaysia: YTL Corporation Bhd full-year pretax profit down 15.7% YoY
YTL Corporation Bhd's pre-tax profit for the financial year ended 30 June 2015 fell to MYR2.37bn (US$562m) from MYR2.81bn a year earlier. Revenue decreased to MYR16.8bn from MYR19.3bn previously, the company said in a filing to Bursa Malaysia On its outlook, YTL Corp expects to achieve overall satisfactory performance for the financial year ending 30 June 2016 in construction, information te...
China: Huaxin first-half profit plunges 82%
Huaxin Cement reported 1H15 net profit of CNY89m, down 82 per cent YoY, in line with the company’s guidance at the end of July indicating a drop of 80-85 per cent. The Holcim group company said thesix-month decline was attributed to lower clinker and cement prices (-12 per cent YoY) offsetting higher sales volumes (23Mt, +1.4 per cent YoY, together with increaesd finance expenses (+9 per ce...
AdBri sees strong rise in half-year profit
Adelaide Brighton Ltd reported net profit after tax for the half year ended 30 June 2015 of AUD82.6m, an increase of 61.3 per cent compared to the previous corresponding period. Adjusted fo significant items, the underlying advance was 5.6 per cent to AUD83m. Property transactions contributed AUD12m to net profit. Revenue of AUD678.1m was 12.6 per cent higher YoY supported by higher cement...
S&P upgrades TCL, removes from CreditWatch
Standard & Poor's (S&P) Ratings Services raised its corporate credit rating on Trinidad Cement Ltd Group (TCL) to 'B-' from 'CCC', and removed it from CreditWatch with positive implications. The outlook is stable. At the same time, it has assigned its 'B-' issue-level rating to the company's US$200m senior secured term loan. The rating action reflects TCL's successful debt refinancing, whic...