Eagle advances cement volumes by 4%
In the first quarter of its financial year to 31 of March 2014, Eagle Materials' turnover, including its share of the Texas Lehigh cement joint venture, increased by 17 per cent to US$298.8m.
The trading profit advanced by 21 per cent to US$59.8m and after an interest charge 18.2 per cent lower at US$4.1m, the pre-tax profit was up by 25.2 per cent to US$55.81m and the net attributable profit rose by 25.3 per cent to US$37.7m. Net debt at the end of June stood at US$490.7m, giving a gearing level of 56.5 per cent.
Cement turnover was ahead by 8.5 per cent to US$125.6m, with the wholly-owned operations increasing by 6.5 per cent to US$93m while Eagle's share of the Texas Lehigh joint venture improved by 14.7 per cent to US$32.6m. The trading profit was 7.9 per cent ahead at US$20.5m. Consolidated cement deliveries were four per cent higher at 1.17Mt (1.29Mst). Volumes in the wholly-owned operations were 2.9 per cent higher and in the Buda joint venture there was an 8.4 per cent increase. The average cement price improved by 5.2 per cent to US$99.93/t (US$90.66/st).
Turnover from aggregates and ready-mixed concrete was 7.9 per cent ahead at US$25.9m, while the trading profit, which had declined last year, was ahead by 34 per cent to US$1.37m. Aggregates shipments declined by 9.3 per cent to 0.74Mt (0.82Mst) but the average price was 7.6 per cent higher at US$8.16 per tonne. The ready-mixed concrete volume increased by 3.5 per cent to 0.18Mm³, as the average price was seven per cent higher at US$110.53/m3.
The plasterboard turnover advanced by 17.4 per cent to US$112.7m and the trading profit rose by 26.3 per cent to US$37.4m as the plasterboard volume increased by seven per cent and prices improved by another 10.6 per cent. The paperboard turnover rose by 23.8 per cent to US$23.5m and the trading profit advanced by 32.8 per cent to US$7.5m, with the average sales price being 1.4 per cent higher at US$561.75/t (US$509.62/st) on volumes that were some 13 per cent higher overall, with external sales staging an 18 per cent recovery while internal volumes grew by four per cent.
