Cement News tagged under: corporate
Shree Cements in line with expectation16 August 2010, Published under Cement NewsShree Cement’s (SCL) 1QFY11 EBIDTA was down 32 per cent YoY at INR2.9bn (US$61.8m), in line with India Infoline News Service’s (IINS) forecast. Net sales increased two per cent YoY to INR9.4bn – higher than II’s expectation, on account of trading in power. PAT was lower than our estimate on account of higher-than-expected depreciation and interest expenses. Cement and clinker volumes declined five per cent YoY with the increase in competition in the northern region, and sluggish demand. ... |
Taiwan Cement Co completes Prosperity Minerals purchase13 August 2010, Published under Cement NewsTaiwan’s largest cement manufacturer, Taiwan Cement Co, on Thursday acquired China’s Prosperity Minerals Holdings for HK$3.8bn (US$489m), according to the Central News Agency (CNA). Taiwan Cement bought Prosperity Minerals Holdings, which is owned by Prosperity International Holdings (HK) Ltd, through its subsidiary, TCC International Holdings Ltd. The purchase deal, signed in Beijing, covers all of Prosperity Minerals’ cement production except its plant in Anhui Province. |
Buzzi Unicem expects to halve 2011 investments12 August 2010, Published under Cement NewsBuzzi Unicem , Italy’s second biggest cement maker, expects to halve investments next year and will resume its expansion of capacity in Ukraine and Russia when market conditions improve, Chief Executive Pietro Buzzi said on Wednesday. The only important revamping project will be at the group’s Maryneal, Texas plant in the United States, where demand is being helped by government stimulus measures, and otherwise most investment will be focused on maintenance, Buzzi said. "We are budgeting s... |
JK Cement plans to sell INR1bn of bonds11 August 2010, Published under Cement NewsJK Cement plans to raise about INR1bn via bonds, two sources with knowledge of the matter said on Wednesday. The bonds are likely to be 10-year instruments paying a coupon of 11 per cent, they said, adding that the issue may be launched next week. |
Buzzi Unicem hit by lower Italian cement prices11 August 2010, Published under Cement NewsBuzzi Unicem’s first half turnover emerged 8.8% lower at €1,227.2m and the underlying EBITDA was down by 12.9% to €189.3m. For the full year, Buzzi Unicem is expecting the running EBITDA to be off by around 15%. The trading profit fell by 46.6% to €73.0m and, after a 16% reduction in the interest charge to €49.9m, the pre-tax profit dropped by 67.3% to €26.3m. Group cement deliveries were 4.0% lower at 12.1Mt, though some recovery was seen in the Ukraine, Russia and Luxembourg and margina... |
Torah Cement posts 1H rise, Egypt11 August 2010, Published under Cement NewsEgypt’s Torah Cement posted a 7.3 per cent rise in its 2010 first half net profit to E£191.4m (US$33.7m), the stock exchange said on Tuesday. Torah is a subsidiary of Egypt’s largest listed cement maker, Suez Cement , which posted a first-half net profit unchanged from last year. Suez, a subsidiary of the Italcementi group, holds a little more than a quarter of Egypt’s grey cement market and 42 per cent of its white cement market. |
Suez Cement’s audited 1H net profit drops11 August 2010, Published under Cement NewsEgypt’s Suez Cement, posted a 1.9 per cent fall in its audited first-half net profit to E£653.8m, it said on Tuesday. Suez, Egypt’s largest listed cement company and a subsidiary of Italcementi, had last month reported an unaudited consolidated first-half net profit for 2010 of E£766m. The company did not explain the discrepency between its audited and unaudited net profit figures. One official had no comment and others could not be reached. One analyst said he was surprised by the scale ... |
JP Morgan downgrades Holcim ahead of 2H results11 August 2010, Published under Cement NewsAt the mid-point of the reporting season analysts at JP Morgan have downgraded its Holcim earnings per share (EPS) estimates for FY2010E, FY2011E and FY2012E 2%, 6% and 6% respectively. So far each announcement of 2H10 results in the European Building Materials sector has been followed by downgrades to estimates. JP Morgan do not believe that Holcim, despite its well documented strengths, will be immune to the challenging market conditions experienced by its peers JP Morgan have adjusted i... |
Athi River Mining profit up 16 per cent, Kenya10 August 2010, Published under Cement NewsKenya’s third largest cement maker, Athi River Mining has returned a 16 per cent increase in pre-tax profit for the first half of 2010, in an industry witnessing price wars and sluggish sales. The firm’s unaudited results for the six months ended June 30, 2010, show that earnings before tax increased from KES449m similar period 2009 to KES519m. Turnover rose from KES2.4bn to KES2.8bn, a 19 per cent jump, of which the cement business contributed 53 per cent. Managing director Pradeep ... |
Alinma Bank to participate as receiving bank in Al Jouf Cement IPO09 August 2010, Published under Cement NewsAlinma Bank will participate as a receiving bank in the upcoming Al Jouf Cement Company IPO, which is scheduled to open on Monday, July 19, 2010 and will extend through the close of business on Sunday, July 25, 2010. This marks the first time Alinma will function as an IPO receiving bank. Al Jouf will offer sixty-five million (65,000,000) shares for public subscription, representing 50% of the company’s shares for ten riyals per share. Alinma Bank partners (clients) may complete the subscr... |