Cement News tagged: Corporate
Cherat Cement full-year net profit jumps, Pakistan
Pakistan-based producer Cherat Cement posted a rise in net profit to PKR436.8m for the fiscal year ended 30 June 2012 (FY12) from PKR68.851m, according to reports in the Pakistan Observer. Earnings per share rose to PKR4.57 in the period compared to PKR0.72. Turnover rose to PKR5.45bn in FY12 compared to PKR4.24bn in FY11 while the cost of sales increased to PKR4.30bn against PKR3.68bn. Pre-t...
China Shanshui Cement first-half net profit falls 41 per cent
China Shanshui Cement has reported a net profit of CNY728m (US$114m) for the first half of 2012, representing a decline of 41 per cent YoY on the back of a slowing demand. In the period its operating revenue slid 5.8 per cent YoY to CNY7.38bn, with basic earnings per share of CNY0.26. Zhang Bin, Vice Chairman and General Manager of Shanshui Cement, said: “In the first half of 2012, affected ...
Höganäs Bjuf appoints new head of cement division, Sweden
Jonas Oldin has been appointed Business Manager Cement at Höganäs Bjuf AB´s head office in Sweden effective August 20th 2012. He succeeds Erik Olsen who will take on other responsibilities until his retirement next year. Jonas Oldin has been Market Manager Foundry at Calderys Corporate Group since 1996, and has a long experience of the refractory business. He also holds a university degree...
Cemex focuses spotlight on Colombia
Earlier this week Cemex announced that its Cemex España subsidiary, Cemex Latam Holdings, presented an application to the Superintendencia Financiera de Colombia to list its shares on the Colombian stock exchange and to offer a minority of Cemex Latam’s shares in a public offering to investors in Colombia and in a concurrent private placement, to eligible investors outside of Colombia. The off...
CRH to buy 51% in Jaypee's Gujarat units for INR21bn (US$378.9m)
Irish building materials group CRH is set to pick up a controlling 51 per cent stake in the cement operations of Jaiprakash Associates in Gujarat for an enterprise value of INR42bn. CRH will also be able to increase its holding to 65 per cent over the next three years at a pre-fixed price via a call option. “CRH will have the option of picking up an additional 14 per cent from Jaiprakash...
Mexico: Cemex shares climb on asset sale plan
Cemex SA shares outperformed the broader Mexican equity market Wednesday, rising as much as seven per cent after the Mexican cement maker said it plans to sell a minority stake in its Latin American assets through a listing on Colombia's stock exchange. The sale, aimed at reducing Cemex's debt, will not include assets in its homebase. Cemex's shares trading in Mexico City were recently up 4....
India's Ultratech Cement plans to raise INR2.5bn via bonds
Ultratech Cement is planning to raise INR2.5bn (US$44.84m) through five-year bonds at 9.15 per cent, a source with direct knowledge of the deal said on Thursday, according to Reuters.
West China Cement faces downgrade review by Moody
Moody's has placed West China Cement Limited's (WCC) Ba3 corporate family and senior unsecured bond ratings under review for downgrade, reports the Hong Kong Standard. Earlier this month, US shortseller Glaucus Research slammed the firm for falsifying its publicly-filed financial statements with fictitious profit margins and over-paying for acquisitions. The Shaanxi-based cement maker claimed...
Taiwan Cement and Asia Cement’s Chinese profits fall
Decreasing cement prices and shrinking infrastructural work in China has impacted the profits of Taiwan Cement Co (TCC) and Asia Cement, two Taiwan-based cement makers operating in China. Taiwan Cement International Holdings Ltd, a subsidiary of TCC, posted 70.4 per cent YoY net profit decline to HKD269m (US$8.97m) in the first half, while Asia Cement (China) Holdings Co, an affiliate of As...
Colombia: Cemex subsidiary applies to sell Latin American assets
Cemex Latam Holdings SA, a wholly-owned subsidiary of Cemex España SA, presented to the Superintendencia Financiera de Colombia an application to list its shares on the Colombian stock exchange and to offer a minority of Cemex Latam’s shares in a public offering to investors. Cemex Latam's assets are expected to include substantially all of Cemex’s assets in Central and South America (exclud...
Australia's Boral 2H profit slumps
Hit by weak housing construction in Australia and delays in big resource and road projects, top Australian building products maker Boral Ltd reported a 59 per cent fall in second-half profit, in line with market forecasts. Boral declined to give a forecast for the year ahead, in light of uncertain market conditions, but said it would update investors at its annual meeting in November. Net p...
Mexico: Cemex announces 90% acceptance of its ongoing debt exchange
Cemex has announced that it has received acceptance notices representing approximately 90 per cent of the exposures under the 2009 Financing Agreement and indication of an intent to participate in the exchange transaction from additional participating creditors. Acceptance Notices from participating creditors wishing to exchange into the New HY Notes represent an anticipated issuance of appro...
Holcim's profit ahead, reshuffles top management
Holcim increased its consolidated sales of cement fuelled by the emerging markets and North America in the 1H12. However, the group said it is advancing a cost-cutting programme as European sales drop faster than anticipated and has announced a management shake-up in an effort to streamline its group structure. The Swiss cement major noted that first-half turnover improved 2.1 per cent to C...
Trinidad Cement Limited sees revenue up 4% but 20% EBITDA cut
For the six months ended 30 June 2011 Trinidad Cement Limited (TCL) reported a loss per share (LPS) of JMD0.59 (from continuing operations) which compares with an LPS of JMD0.28 (from continuing operations) for 1H2011. TCL's revenue was up 3.9 per cent but reported earnings before interest, tax and depreciation (EBITDA) of JMD33.9m (US$381,413) a 20 per cent decline YoY. EBITDA was significa...
China Tianrui 1H net down 38.7% to CNY402m
China Tianrui Group Cement said its profit attributable to owners dropped 38.7 per cent YoY to CNY402m for the six months ended 30 June 2012. Its basic earnings per share were CNY17 cents. The revenue was CNY3.71bn, a decrease of 8.9 per cent from a year earlier. The gross profit fell 24.3 per cent YoY to CNY911m. The gross profit margin decreased to around 24.6 per cent in the 1H12 from 29.5...
FLSmidth 2Q operating profit hit by one-off writedown
FLSmidth reported a drop in operating profits for the second quarter hit in part by a one-off writedown. EBIT fell to DKK 349m (US$57.78m) in April-June from DKK404m in the second quarter last year. The result, which was hit by a DKK188m writedown on capitalised research and development. Revenue for the period increased 26 per cent to DKK6036m, attributable to positive developments in al...