Cement News tagged under: China Resources Cement
China Resources Cement appoints Ji Youhong as new CEO22 September 2016, Published under Cement NewsJi Youhong has been appointed as new CEO, executive director and executive committee member of China Resources Cement following the resignation from these positions of Pan Yonghong to pursue other work within China Resources Group. Ji Youhong joined the Group in October 2003 and has served in various managerial positions of China Resources Cement. |
China Resources Cement sees profits fall by 99%25 April 2016, Published under Cement NewsChina Resources Cement (CRC) has seen profits attributable to owners fall by 99 per cent to HKD6.6m (US$850,000) for the first three months of 2016 as compared to the same period in 2015. The firm's revenues fell by 24 per cent to HKD4.7bn (US$610m) in 1Q2016. The company was hit hard by falling prices: sales volumes rose from 15Mt in 2015 to 15.8Mt, but average prices fell by 27 per cent to HKD232.8/t (US$30/t). Sales volumes fell 14 per cent to 5.6Mt in Guangdong – CRC’s biggest prov... |
CRC attributable profit drops 76% YoY15 March 2016, Published under Cement NewsChina Resources Cement (CRC) said its profit attributable to owners for the year ended 31 December 2015 dropped 75.9 per cent YoY to HKD1015m (US$130.8m). Turnover was HKD26,779m, a decrease of 18 per cent from a year earlier. The consolidated gross margin was 24 per cent, representing a decrease of 7.3 percentage points from 31.3 per cent for 2014. The average selling price of cement last year was HKD269.9/t, down 20.2 per cent over 2014. The company noted that during 2015, demand for ... |
China Resources warns of significant decrease in full-year attributable profit14 January 2016, Published under Cement NewsChina Resources Cement said it expects profit attributable to the owners for the year ended 31 December 2015 to significantly decrease as compared with that of the previous year. Such decrease is primarily attributable to the lower selling prices of cement and clinker in China in 2015 as compared with those in 2014. It is also due to the depreciation of the yuan against other currencies since the beginning of the third quarter in 2015, resulting in exchange loss generated from non-yuan deno... |
Credit Suisse upgrades China Resources Cement rating08 January 2016, Published under Cement NewsCredit Suisse raised its target price for China Resources Cement (CRC) at HKD3 (US$0.39), but upgraded its rating from "neutral" to "outperform". The research house cited its sources with the Cement Association and the Standardization Administration of China confirming that the proposal for the elimination of PC32.5/PC32.5R grade cement was approved at the internal committee votes in late December – a key step towards the official approval of the policy, making it now a highly-probable even... |
China Resources Cement new line commences operations24 November 2015, Published under Cement NewsOn 15 November 2015, China Resources Cement (Lianjiang) Ltd, a wholly-owned subsidiary of the China Resources Cement, commenced operation of its first cement grinding line with a production capacity of 1Mta in Lianjiang City, Guangdong province. The new production line will strengthen the company’s competitive edge in the south-western part of Guangdong, China Resources Cement said in a statement. |
China Resources Cement nine-month net profit drops 61%26 October 2015, Published under Cement NewsChina Resources Cement said its profit attributable to owners for the nine months ended 30 September 2015 dropped 60.6 per cent YoY to HKD1282.2m. Turnover was HKD19,752m, a decrease of 15.5 per cent from a year earlier. The consolidated gross margin for the period was 24.4 per cent, representing a decrease of 6.7 percentage points from 31.1 per cent for the corresponding period last year. The decline was mainly attributable to lower selling prices of cement and clinker as compared with th... |
HSBC lowers China Resources Cement target price08 October 2015, Published under Cement NewsHSBC Global Research lowered its target price for China Resources Cement to HKD4.30 from HKD4.40 and maintained its "hold" rating. CRC recently said that based on the preliminary assessment of the group’s unaudited consolidated management accounts for the nine months ended 30 September 2015, attributable profit during the period is expected to "significantly decrease" as compared with that of 9M14. The decline is primarily attributable to lower selling prices of cement and clinker in ... |
China Resources Cement issues profit warning07 October 2015, Published under Cement NewsChina Resources Cement (CRC) has said that based on the preliminary assessment of the group’s unaudited consolidated management accounts for the nine months ended 30 September 2015, attributable profit during the period is expected to "significantly decrease" as compared with that of 9M14. The decline is primarily attributable to lower selling prices of cement and clinker in China compared with the year before, as well as the depreciation of Renminbi against other currencies since the begin... |
Morgan cuts CR Cement target price24 September 2015, Published under Cement NewsMorgan Stanley lowered its target price for China Resources Cement (CRC) to HK$5.1 from HK$5.6, and maintained its "overweight" rating. The research house said the slow season is behind and it sees more policy support on the infrastructure and property side. Morgan Stanley expects construction demand to improve and cement prices to turn around. It has slightly lowered 2015 sales volume based on management's latest guidance. The research house has also included the one-off tax gain (revers... |