Cement News tagged under: China
China: State Council plans to invest CNY2.366tn over 2011-15 on energy conservation23 August 2012, Published under Cement NewsChina plans to invest about CNY2.366tn (US$372.5bn) in projects for energy conservation and carbon-emissions reduction over the 2011-15 period, the State Council, said in a statement. The statement, which was issued to ministries and provincial-level governments on 6 August but only released to the public this week, didn't disclose the amount already invested or how much would be spent over the coming years. The projects supported by the investment will help save on 300Mt of standard c... |
West China Cement faces downgrade review by Moody23 August 2012, Published under Cement NewsMoody'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 it was selling its products at a premium price. But Glaucus, citing independent sources, said the s... |
Taiwan Cement and Asia Cement’s Chinese profits fall22 August 2012, Published under Cement NewsDecreasing 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 Asia Cement, saw profits drop 81 per cent to CNY122m (US$19.154m). A representative of TCC pointed ... |
China Tianrui 1H net down 38.7% to CNY402m20 August 2012, Published under Cement NewsChina 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 per cent in the same period 2011. The decrease in both gross profit and gross profit margin were pr... |
West China Cement net profit drops 65%, China16 August 2012, Published under Cement NewsWest China Cement has reported a 65 per cent drop in first-half profit as selling prices declined and production costs increased. Net income dropped to CNY138.5m (US$23m) from CNY419m a year earlier, the cement producer said in a filing to the Hong Kong Stock Exchange yesterday. Sales were down 7.1 per cent to CNY1.59bn. The Shaanxi cement market will gradually recover this year, with pricing power maintained and possibly improved, the company said in a statement. Earlier this week, ... |
Xinjiang Tianshan Cement 1Q net profit falls 68 per cent, China16 August 2012, Published under Cement NewsXinjiang Tianshan Cement Co Ltd, a cement and concrete manufacturer based in the Xinjiang Uygur Autonomous Region, announced net profit attributable to shareholders to reach CNY123.14m (US$19.3m) in the first half of this year, 68 per cent lower than the same period of last year. The decline is attributed to a fall in cement prices and higher financial costs, the company said in a statement filed with the Shenzhen Stock Exchange. Revenue was 0.69 per cent higher from a year earlier to CNY... |
Anhui Conch Cement reports 51% plunge in 1H profit15 August 2012, Published under Cement NewsAnhui Conch Cement announced yesterday that its net profit in the first half fell 51.33% YoY to CNY2.92bn (US$462m) under Chinese accounting rules, due to sharp declines in cement prices amid weak demand. Earnings per share were CNY0.55 during the period, down 51.33 per cent YoY, said the company in its interim report. Operating revenue dropped 8.22 per cent YoY to CNY20.3bn in the first half. The company's gross profit margin declined 15.70 percentage points to 27.09 per cent in the p... |
Credit Suisse: China materials sector outlook14 August 2012, Published under Cement NewsWith 1H12 earnings season ahead, Credit Suisse believes "surprises are more on the downside for the China material sectors." It expects a "deep loss" in the steel and aluminium sector in general, followed by base metals and Chinese cement names with 1H12 earnings set to decline 30-50 per cent on average; earnings for coal and gold sectors should be more stable on-year, yet, moderate downside risk remains. "Nevertheless, we do not believe the negative earnings would be too much of a negative ... |
China Resources Cement 1H net down 69%13 August 2012, Published under Cement NewsChina Resources Cement said its profit attributable to owners dropped 68.9 per cent YoY to HK$635m (US$81.9m) for the six months ended 30 June 2012. Turnover was up 9.8 per cent from a year earlier to HK$11.03bn. Consolidated gross margin was 20.8 per cent, representing a decrease of 12.3 percentage points from 33.1 per cent for the corresponding period last year. |
Moody's: no immediate concerns for West China Cement from short seller's report10 August 2012, Published under Cement NewsMoody's sees no immediate concerns for West China Cement from short seller's report. There is no pressure on its Ba3 corporate family and senior unsecured debt ratings. At the same time, the rating outlook remains negative, reflecting the consideration that its credit metrics, especially interest coverage, are under pressure from its fast expansion and weak cement prices. (Source: Reuters) |