Cement News tagged: Corporate
Jidong Cement shares acquired, China
Jidong Development Group bought additional 698,300 shares in Jidong Cement on the secondary market, accounting for 0.05% of the total outstanding shares in the listed arm. The controlling shareholder plans to continue holding expansion in the next six months due to the current market situation. Essence Securities Co expects Jidong Cement to achieve a net profit of CNY324m and sales are expe...
Jiangxi Wannianqing forecasts 80% net profit drop, China
Jiangxi Wannianqing Cement Co Ltd, a Jiangxi Province-based producer of cement and clinker, said it expects first-half 2012 net profit to plummet 80 per cent to CNY54-63m (US$8.5-9.9m) in the first half of 2012 due to slower domestic demand
Court puts industry fine on hold, Argentina
Argentina’s Supreme Court has put on hold a ARS$300m (US$66m) fine imposed on cement companies in 2005 by the competition authority CNDC based on evidence of alleged collusion and dividing the market between them. The cement companies listed are Loma Negra, Cemento San Martin, Juan Minetti, Cementos Avellaneda and Petroquimica Comodoro Rivadavia that have been contesting the ruling since.
Daiwa sees positive developments for China from 2H
Analysts at brokerage Daiwa have said that while current cement demand in China does not look good and many local producers have issued profit warnings, macro data suggests that the country's overall economic conditions are holding up, and loosening measures by the central government are helping infrastructure and property investment to pick up gradually. "We see positive developments for t...
Texas Industries returns to full-year profit
Texas Industries' turnover increased by 4.1% to US$647m in the financial year to the end of May, and the EBITDA jumped from US$13.2m to US$33.6m. After an interest charge 26.8% lower at US$34.4m, the running loss dropped from US$34.4m to US$1.2m and a the pre-tax profit of US$8.5m was achieved, compared with a US$106.8m loss in the previous accounting year. Net debt at the end of May was 6.4%...
PPC in US$133m deal with black investors
South African cement maker Pretoria Portland Cement (PPC) is to sell a 6.5 per cent stake to its staff and black investors in a deal worth about US$133.4m. PPC said the broad-based black economic empowerment (BBBEE) deal, which is the second in four years, would take shareholding by black investors in its South African operations to 26 per cent and enable it meet the rules set out by the gov...
Huaxin Cement expects H1 net profit to drop 50%, China
Huaxin Cement Co Ltd, in which Holcim holds an approximate 42 per cent stake, has become the latest Chinese producer to issue a first-half profit warning. The Hubei Province-based cement manufacturer said on 9 July that its net profit is expected to fall by at least 50% YoY in the first half of 2012 due to a decline in cement prices. The company booked CNY542m in net profit in the same peri...
Starlinger opens new representative office in Uzbekistan
Starlinger & Co GmbH, Austrian manufacturer of machinery for woven plastic packaging production and plastics recycling, has opened a representative office in Tashkent, Uzbekistan. The office, opened in May 2012, is headed by Yuldosh Kazakov, who joined Starlinger in 2009 and is chief representative for the region. The strong economic growth in Central Asia during the past years has also ha...
TXI appoints three additional directors
Texas Industries, Inc announced the addition of Sean Foley, Bernard Lanigan and Tom Ryan to its Board of Directors. "We are delighted to have found directors of the quality and experience of Sean, Bernie, and Tom to join TXI," stated Bob Rogers, Chairman of the Board. "Given the improvement in construction activity, the near completion of additional cement capacity, the high quality of the Co...
Caribbean Cement sees more positive outlook
Caribbean Cement Company expects a more positive outlook from next year as the company finalises a debt ‘reprofiling’ plan with some of its 30 biggest creditors. The agreement has given the company some time to pay off its JMD1.95bn (US$22m) debt over five years, starting from March 2013 to December 2018. The company has posted losses for three years but expects a turnaround by January ...
Qassim Cement second quarter net rises YoY, Saudi Arabia
Qassim Cement Company posted a three per cent YoY rise in consolidated net profit of SAR149m (US$40m) for the second quarter of 2012, thanks to increased sales. However, on a QoQ basis, net profit was down 5.97 per cent which the company attributed to increased costs due to the purchase of clinker from the local market. Operating profit during the second quarter was SAR153m compared to SA...
Cement Co of Northern Nigeria reports 48% drop in quarterly profit
Cement Company of Northern Nigeria Plc has reported a 48 per cent drop in first-quarter profit. Net income for the three months through March declined to NGN268m (US$1.7m) from NGN511.4m a year earlier, the Sokoto, northern Nigeria-based company said in a statement yesterday. Revenue was relatively flat at NGN3.1bn.
Valderivvas presents restructuring plans to unions, Spain
Spanish cement producer Cementos Portland Valderrivas has presented its restructuring plan to trade unions which involves the part-closure of one plant. The company announced that it plans to close its plant in Vallcarca for 10 months annually, reduce the number of employees and managers and halt kiln lines. Cementos Portland said that the estimated operating cost reductions with this plan ...
Tianshan Cement forecasts 60-80% drop in 1H profits
Xinjiang Tianshan Cement Co Ltd said last Friday that its net profit fell 60-80 per cent to CNY120m (US$18.8m) in the first half of this year. The company, which is based in the Xinjiang Uyghur Autonomous Region, stated that the decline in its half-year net profit is largely due to lower cement selling prices and rising financial expenditure, according to reports by China Business Newswire.
Cimpor shareholders approve dividend proposal, Portugal
Cimpor shareholders today approved a proposal for the company to pay a dividend of EUR16.6/share, said an official at Cimpor who asked not to be named in line with company policy, Bloomberg reports. Shareholders hadn’t voted on the dividend proposal at a meeting on April 20 after Camargo Correa SA requested the meeting’s suspension during its bid for the Portuguese cement maker.
Tianshan Cement forecasts CNY120m in 1H net profit
Xinjiang Tianshan Cement Co Ltd, a cement producer based in Xinjiang Uyghur Autonomous Region, forecasted on July 6th that its net profit will reach about CNY120m (US$18.8m) in the first half of 2012, down 60-80% YoY. (Source: China Business Newswire).