Cement News tagged: Corporate
Tongli Cement reports 8.61% increase in 1H12 net profit
Henan Tongli Cement Co said that its net profit rose 8.61% YoY to CNY97m (US$15.2m) in the first half of 2012, with basic earnings per share of CNY0.3. Meanwhile the company's operating revenue dipped 2.75% YoY to CNY1.97bn. (Source: China Business Newswire)
JP Morgan downgrades UltraTech Cement, India
JP Morgan downgrades UltraTech stock to "underweight" from "neutral" citing "stretched" valuations. JP Morgan says Ultratech, India's leading cement producer, is trading at 10 times enterprise value/EBITDA and at 18 times P/E. The U.S. investment bank also lowers its target price to INR1400 from INR1250. Ultratech Cement on Friday reported a 14 per cent net profit for the April-June quarter...
FLSmidth falls on weaker China outlook
FLSmidth & Co fell the most in eight weeks in Copenhagen on the outlook for slowing demand for its products as China’s expansion cools, according to Bloomberg reports. The shares slid as much as four per cent, the biggest decline since June 1. They dropped 3.3 per cent, making it the fourth-biggest loser in the Copenhagen 20 Index, to DKK332.3 as of 2:09pm in the Danish capital. Growth i...
UltraTech Cement acquisition, India
India’s number one cement producer UltraTech Cement announced on Tuesday it has signed an agreement with the shareholders of Gotan Lime Stone Khanij Udyog (GKUPL) to acquire 100% equity shares of GKUPL. With this acquisition, GKUPL has become a wholly owned subsidiary of the company.
China Tianrui Group considers bond sale
China Tianrui Group Cement Co is considering selling a three-year offshore yuan bond, known as a dim sum bond, a source disclosed to Dow Jones. The cement producer, which operates in the Henan and Liaoning provinces, has mandated BOC International as the global coordinator to arrange a series of bond investor meeting and conference calls, the source said. The company plans to use the procee...
US operations boost Cemex’s second quarter results
Cemex has reported its highest quarterly EBITDA since the third quarter of 2009 as a pick-up in US operations helps to offset declines in Europe and Mexico. Net sales reached US$3.9bn during the second quarter of 2012, an increase of 1% on a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, versus 1Q11. Operating EBITDA increased by 11% during the quarte...
BBMG Corp expects 1Q net profit drop, China
BBMG Corp expects its net profit to fall 12.75 per cent in the first half of 2012 to CNY1.43bn (US$223.9m) due to declining cement prices amid weak demand. The company’s operating revenue was forecast to rise 14.84 per cent YoY to CNY15.02bn in the first six months, according to reports in China Business Knowledge. The Beijing-based cement producer earlier reported a net profit attributa...
Cementos Lima reports 8.8% drop in 2Q net income
Peru’s largest cement producer Cementos Lima has reported a fall of 8.8 per cent YoY in second quarter net income to PEN53.6m (US$20.3m). Revenue for the quarter was PEN293m compared with PEN257m a year earlier.
India: mergers and acquisitions ahead?
CRH has reportedly emerged as the latest company to enter the foray for a stake in Jaiprakash Associates' cement units in the Indian states of Gujarat and Andhra Pradesh, which could pave the way for the Irish building materials major to increase its presence in a country teeming with long-term potential. Elsewhere, the recent ruling by India's antitrust body on local cement producers could ai...
Fitch Ratings has affirmed LSR's 'B' outlook stable
Fitch Ratings has affirmed OJSC LSR Group's (LSR) Long-term foreign currency Issuer Default Rating (IDR) at 'B' with a Stable Outlook and the senior unsecured rating of the outstanding bond issues at 'B'. The affirmations reflect LSR's sustainably strong position as a developer and construction materials producer in its core region of St. Petersburg and Leningrad region, Fitch said. LSR con...
Cemex seen reporting improved 2Q results
Cemex is expected show improvement in its second-quarter results as recovering US operations offset weakness in Europe, although a stronger US dollar is likely to limit sales in dollar terms and contribute to a net loss for the period. The company will probably report sales of US$4.03bn for the April-June quarter, according to the median estimate of six equities analysts consulted by Dow J...
Equita sees Buzzi Unicem 2Q EBITDA rising
Brokerage Equita expects Italian cement maker Buzzi Unicem to report second-quarter EBITDA of EUR158m, up by 13% on the year. SeeNews Italy reports that the broker expects the revenue to have grown 9% annually to EUR838m, thanks to the good performance in Russia and the USA which is seen to have offset the weak Italian demand. The sluggish Italian market can lead the management to carrying o...
CRH eyes stake in Jaiprakash cement units, India
CRH is said to be interested in buying a stake in Jaiprakash Associates cement plants in Gujarat and Andhra Pradesh, according to Indian press reports. Speaking to the Economic Times of India, a source familiar with the situation said: "The discussions between the two companies are in an advanced stage, but nothing has been finalised. Both sides are expected to meet in the last week of this...
Euro construction output advances in May
Euro-area construction output rose in May, as advances in Germany and Portugal offset declines in Italy, Spain and the Netherlands. Construction in the 17-nation euro area advanced 0.1 per cent from April, when it dropped 3.7 per cent, the European Union’s statistics office in Luxembourg said yesterday. From a year earlier, construction output declined 8.4 per cent. In Germany, Europe’s...
Fitch affirms Siam City Cement's rating, Thailand
Fitch Ratings (Thailand) Limited has affirmed Siam City Cement Public Company Limited's (SCCC) National Ratings at Long-Term 'A(tha)' and Short-Term 'F1(tha)'. The Outlook is Stable. At the same time, Fitch has affirmed SCCC's senior unsecured debentures at 'A(tha)'. SCCC's ratings reflect its leading position as the second-largest cement producer in Thailand, with strong brands in cement, r...
Sagar Cements net profit falls 77%, India
Sagar Cements Ltd’s net profit declined 77 per cent at INR 4.1 crore in the first quarter of FY12-13 compared to INR 18.1 crore in the year-ago period. Revenues of the Hyderabad-based company almost remained flat at about INR150 crore. “The operating environment for cement companies thus far has been challenging. With increasing power and fuel costs, margins are being impacted,” Mr Sreekanth...