Cement News tagged: Corporate
Holcim Philippines reports strong 2Q net profit
Holcim Philippines reported better-than-expected rise in second quarter net profit on the back of seasonal demand and effective cost controls. It is now preparing to restart its Batangas grinding unit next month to better serve expected rises in demand from the public and private sector. Net income rose 33.88 per cent to PHP1.62bn (US$37m) in the April-June 2013 period from PHP1.21 as constru...
India Cements reports fifth consecutive quarterly drop in net profit
India Cement has reported its fifth consecutive quarterly drop due to forex losses and a lower pricing environment. Net profit for the first quarter of the current fiscal declined by 72 per cent to INR16.82 crore. N Srinivasan, vice chairman and managing director, India Cements Ltd said: “The exchange translation charges due to unprecedented rupee depreciation impacted to the tune of INR27 c...
Votorantim pulls IPO plan, Brazil
Votorantim Cimentos SA withdrew plans for its multibillion dollar initial public offering on Monday citing poor market conditions. Votorantim had postponed its IPO plans in July, saying at the time that it would try again in September. However, it has deffered the option once again. "The IPO continues to be the company's plan and we will continue to monitor the evolution of the capital marke...
Bids for Cement Corp of India units invited
SBI Capital Markets has invited global bids to sell state-run Cement Corp of India Ltd's four non-operating units through an e-auction process. The company has put its 400,000tpa works in Akaltara (state of Chhattisgarh), and 198,000tpa plant at Kurkunta, (Karnataka), up for sale at a reserve price of INR1.83bn and INR2.6bn, respectively. Its 380,000tpa Mandhar unit in Chhattisg...
Dalmia in advanced stage of new plant commissioning, India
Dalmia Cement is in advanced stages of commissioning its new cement plant at in north Karnataka, as the company plans to lift capacity to 19Mta. The new 2.5Mta cement works in Yadawad, near Belgaum, will be commissioned by February next year and forms part of the Damia Bharat Group’s plan to expand its presence in the north. "Three years ago, we were considered as predominantly south-based ce...
Credit Suisse lifts target price for TCC International
Credit Suisse lifted its target price for Taiwan Cement Co (TCC) International to HK$1.8 from HK$1.7 and upgraded the stock to "neutral" from "underperform". The research house said TCCI sees improving cement pricing in the second half of this year, but also expects administrative cost may revert as well. Management commented that Guangdong has increased prices by CNY40-50/t (US$6-8) since Ma...
CRH to acquire Sree Jayajothi Cements, India
CRH has announced that its 50:50 joint venture in India, My Home Industries Limited (MHIL) has reached an agreement to acquire 100 per cent of the shares of Sree Jayajothi Cements Limited (SJCL), a 3.2Mta cement company based in south India for INR14,000m (EUR175m). The investment will be financed from MHIL’s existing debt capacity and by equity inputs from the joint shareholders (EUR7...
Colombia’s cement price rose 8% in 1H13
In 1H213, cement prices in Colombia rose eight per cent, well above the country’s inflation rate of 1.73 per cent in the period, according to a report in El Tiempo. The price also compares unfavourably with other Latin American countries. Based on sales at retail stores, Colombian customers can pay up to US$250/t in a city away from any cement plant, while in Peru this price is US$158/t and i...
Suez Cement six-month net profit ahead, Egypt
Suez Cement has reported a 34 per cent increase in first-half net profit thanks to cost reduction and efficiency improvement efforts. In the second quarter of 2013, net sales of Suez Cement Group of Companies reached EGP1302m (US$, up 11 per cent YoY while recurring EBITDA rose 18 per cent YoY to EGP315m. Net profit increased to EGP168m. Grey cement sales were down by four per cent to “c...
China Resources Cement 1H13 profit rises
China Resources Cement (CRC) said yesterday that its net profit attributable to shareholders of the company increased 80.35 per cent YoY to HK$1.15bn (US$148.29m) in the first half of this year. Basic earnings per share were at 17.6 HK cents, and an interim dividend of 3.5 HK cents was declared. The firm's turnover rose 16.5 per cent YoY to HK$12.86bn in the first half. Gross profit jumped ...
Gansu Qilianshan's net profit surges, China
Gansu Qilianshan Cement Group Co Ltd earned a net profit of CNY110m (US$18m) in the first half of 2013, a YoY rise of 314 per cent. The cement producer saw operating revenue advance 24.57 per cent YoY to CNY2.31bn, with basic earnings per share of CNY0.18.
S&P puts Buzzi Unicem, Dyckerhoff ratings on credit watch
Standard & Poor's has placed Buzzi Unicem’s rating on credit watch with negative implications, the Italian cement major announced in a statement. Buzzi Unicem's corporate rating is currently at BB+/Stable/B. The rating for Dyckerhoff AG, Buzzi Unicem’s wholly-owned subsidiary, has also been placed on credit watch. S&P said the decision was due to first-half results which were lower tha...
Ashaka Cement appoints two new directors, Nigeria
Nigeria-based producer Ashaka Cement has announced the appointment of two new directors, the company said in a statement to the Nigerian Stock Exchange. The two new members are Lamido Abba Turkur and HRH Alhaji Abubakar Muhammad Kwairanga (Emir of Funakaye). Ashaka Cement reported a 54.4 per cent decline in first-half 2013 pretax profit to NGN1.65bn (US$10.3m) from NGN3.55bn a year ago. Tur...
Acquisitions, improved markets drive Eagle's 1Q
In the first quarter of its financial year to 31 March 2013, Eagle Materials' turnover, including its share of the Texas Lehigh cement joint venture, rose by 43.7 per cent to US$255.4m as the company was boosted by acquisitions and improving markets. Trading profit more than doubled (+108.9 per cent) to US$49.47m and after an interest charge 31.6 per cent higher at US$4.96m, the pre-tax pr...
Bamburi confident on second-half turnaround
Kenya's Bamburi Cement reported a 12 per cent decline in pretax profit for the first six months of 2013 but is confident of a second-half turnaround in two of its core East African markets. In the six months to the end of June 2013, the Lafarge Group company posted a pretax profit of KES3.270m (US$37.46m) as turnover fell 18 per cent YoY to KES15.8bn. These results came against a backdrop of...
CCCL reports 2Q13 net profit, Jamaica
Caribbean Cement Company Ltd (CCCL) has reported a second-quarter net profit as the Jamaica-based cement producer increased domestic market share and exports to Panama provide an extra boost to revenue. In the second quarter of 2013, cement exports declined but local sales reached 150,000t to push revenues for the three-month period above JMD3bn (US$29.6m). The company made a profit for the ...