Cement News tagged: Corporate
EAPCC reports increased annual losses, Kenya
East African Portland Cement Co (EAPCC) posted an increased annual loss for the year ending 30 June 2012 due to slower sales, a major plant breakdown and labour issues. EAPCC said it posted a loss of KES849.7m (US$9.96m), compared with a KES119.06m loss in the same period last year, after a 15 per cent drop in revenues to KES8.61bn. The company said that production was hurt by labour unrest ...
Tangshan Jidong Cement profit slumps, China
Tangshan Jidong Cement Co’s operating revenue in the first three quarters of 2012 slumped 77.77 per cent YoY while net profit fell 83.06 per cent to CNY241m (US$38.7m). Earnings per share in the first three quarters plunged 84.71 per cent YoY. For the third quarter alone, operating income fell 3.51 per cent to CNY4.72bn and net profit stood at CNY129m which is a decline of 80.84 per cent.
Anhui Conch to issue bonds, China
Anhui Conch Cement Co Ltd has been given the greenl ight by China Securities Regulatory Commission to issue no more than CNY6bn (US$2.13bn) of 10-year corporate bonds publicly. The proceeds from the issuance will be used to replenish working capital and repay bank loans.
Lafarge Pakistan swings to 3Q12 profit
Lafarge Pakistan reported that it earned PKR268.52m in the third quarter of 2012 compared to a loss of PKR308.38m (US$3.2m) in the corresponding period of last year. The advance is attributed to rising cement prices and increased domestic demand. Net sales rose to PKR2.22bn in 3Q12 from PKR1.914bn in 3Q11. It incurred distribution costs of PKR45.75m and administrative expenses of PKR136.44m...
Walter Schalka to step down as Votorantim Cimentos CEO, Brazil
Walter Schalka has resigned his position as CEO of Brazilian market leader Votorantim Cimentos after seven years at the helm. Mr Schalka will leave step down at the end of November and Paulo Henrique de Oliveira Santos, director of business development at Votorantim Industrial, will temporarily chair the company. Speaking of his time at the company, he thanked the executive board of Votorant...
GCC sales rise 13.3 per cent, Mexico
Mexico-based cement producer Grupo Cementos de Chihuahua (GCC) has posted MXP2.58bn (US$197m) in sales for 3Q2012, up 13.3 per cent YoY. The company posted EBITDA of MXP501m, up 0.5 per cent compared with the prior-year-period. Net consolidated income for the third quarter was MXP152m, up 266 per cent over the MXP43.8m loss registered in the same period of 2011. Increased sales w...
Cementos Molins posts EUR31m profit, up 85%
Spain’s Cementos Molins has posted a profit of EUR31.16m in the first nine months of the year. The 85 per cent rise has been attributed to successful foreign business, which continues to offset the decline in Spanish sales. The company’s operations in Spain have seen profits decline on the back of a 16 per cent drop in domestic sales as Spanish cement demand continues to post further lows. ...
Anglo American chief resigns, USA
Anglo American plc announces that Cynthia Carroll has decided to step down as Chief Executive, with the Board’s agreement. Cynthia will remain in her post until a successor has been appointed and an appropriate transition has taken place. Cynthia Carroll was appointed to the Anglo American Board in January 2007 and formally took over as Chief Executive in March of that year. Under Cynthia’s l...
Eagle Material reports second quarter rise in earnings, USA
Eagle Materials has reported continued growth in sales volumes and earnings in the second quarter as revenues rise 22 per cent to US$164.7m. Second quarter sales volumes improved across all major business lines and wallboard net sales prices increased 30 per cent as compared to the prior year's second quarter. Improved second quarter operating cash flow was used to fund capital expenditures, ...
Sinoma nine-month net profit down 76 per cent, China
Sinoma said its net profit attributable to equity holders of parent dropped 76.41 per cent YoY to CNY305m (US$48.9m) for the nine months ended 30 September 2012. Its basic and diluted earnings per share were CNY9 cents. Operating revenue was CNY36.73bn, an increase of 3.5 per cent from a year earlier. Morgan Stanley said the fall in profit missed market expectations and expects Sinoma’s 201...
Holcim Australia to make cutbacks
Holcim Australia is expected to lay off 150 staff and mothball up to 30 plants as it adjusts to challenging market conditions. According to reports by the Financial Review of Australia, the Swiss cement producer expects to mothball or close about 10 per cent of its sites in Australia when it completes an organizational review this week. Holcim Australia chief executive Mark Campbell sa...
Jiangxi Wannianging Cement profit declines, China
Jiangxi Wannianging Cement has posted an 82.33 per cent drop in net profit for the first nine months of 2012 on the back of lower sales volumes and prices. For the nine months to September, net profit was CNY74.12m (US$11.9m) while operating revenues fell 22.44 per cent YoY to CNY3.19bn. For the third quarter alone, operating revenue fell 23 per cent YoY to CNY1.183bn while net profit plun...
Cemex launches Latam IPO, Colombia
Cemex officially launched on Monday the Colombian initial public offering of its Latin American unit, with books open from 29 October to 6 November, the company said. Cemex has set a range of between COP11,000 and 13,500 (US$6.03-7.40) per share for the offering of about 24 per cent of its Cemex Latam Holdings unit. The minimum amount of shares it will offer will be 50 million, it said in a ...
Fitch assigns Central Asia Cement 'BB-(kaz)' rating
Fitch Ratings has assigned Central Asia Cement (CAC) a National Long-Term Rating of 'BB-(kaz)' with a Stable Outlook. The agency has also assigned the prospective 2.5 billion tenge notes to be issued by the company and guaranteed by its parent company Steppe Cement Ltd and by the affiliated company Karcement an expected rating of 'B(kaz)(EXP)'. The final rating is contingent on the receipt ...
Asia Cement profit falls, China
Asia Cement (China) said that revenue for the first nine months of 2012 was CNY4.73bn (US$757m), a decline of 19.83 per cent from a year earlier. Gross profit declined 58.5 per cent to CNY696m and gross profit margins fell 15 per cent, down by 13 percentage points compared to the same period of last year. Net profit attributable to shareholders fell 84.8 per cent YoY to CNY147m for the first ...
JP Morgan expects improved China pricing environment
JP Morgan has raised its target price for BBMG Corp to HK$6.5 from HK$5.5 and maintained its “neutral” rating and sees improved trading conditions in the second half of 2012. It said that the Chinese company’s nine month results were in line with expectations with the weakness due to sluggish demand and a tough pricing environment throughout the industry. JP Morgan expects the pricing i...