Cement News tagged under: corporate
IB Asia in US$45m murabaha deal with Qatar firm01 June 2010, Published under Cement NewsThe Islamic Bank of Asia (IB Asia) this month provided Qatar National Cement Co (QNCC) with a US$45m murabaha facility. The facility for QNCC, the country’s largest cement maker, is for general corporate financing over a period of three years. Salem bin Butti Al Naimi, QNCC chairman and MD, said: ’The facility is an Islamic-based facility compliant with syariah and will be used for general corporate funding including working capital requirements.’ |
Readymix first quarter loss, Ireland01 June 2010, Published under Cement NewsCement and concrete products group, Readymix, today announced a trading loss of EUR3.8m for the first quarter of 2010 ending on March 31. That compares to a EUR 3.9m loss for the same period in 2009. Revenues have fallen by 31 per cent compared to the same period last year. This was partly driven by a drop in volumes across all products, it said. "However, in an exceptionally competitive market, prices across a number of our key product lines continue to significantly decline with an i... |
Fujian cement revenue declines28 May 2010, Published under Cement NewsChina-based producer Fujian Cement said that 2009 revenue declined 6.74 per cent YoY to CNY1.15bn, reports 21st Century Business Herald, citing a company filing. It recorded a net loss of CNY96.15m in 2009. According to data from TX Investment, Fujian Cement recorded a drop in gross margin from more than 20 per cent in 2008 to less than 10 per cent in 2009. Gross margin in 2007 was 29 per cent. Sales-related costs and administration expenses hit CNY126m and CNY144m respectively in 2009, acc... |
Creditors seek debt rescheduling for Hyundai Cement28 May 2010, Published under Cement NewsCreditors of Korea-based company Hyundai Cement Co. are seeking a debt workout for the country’s No. 3 cement maker as it is grappling with rising debt and a debt guarantee for its affiliate, industry sources said Friday. The creditors will make a final decision on whether they will put the company under debt workout next week, they said. The creditors said Hyundai Cement and its affiliate, Sungwoo Engineering & Construction Co, have been facing financial difficulty due to a slowdown in th... |
CRH working on acquisitions28 May 2010, Published under Cement NewsCRH said it is watching out for acquisitions of a larger nature as indebted companies sell assets. "We are working on quite a good number of opportunities at the moment but we are focused on getting good value and if it means being a bit more patient until we see that value and are prepared to conclude deals, well then we are prepared to do that," Lee told the Irish Times in an interview published on Friday. The company has already carried out some EUR10-20m worth of deals earlier this yea... |
HeidelbergCement likely to replace Salzgitter in DAX27 May 2010, Published under Cement NewsHeidelberg Cement will most likely replace steel producer Salzgitter in the blue-chip index DAX on the Frankfurt Stock Exchange at the next re-evaluation of the market indices. Salzgitter’s share has lost more than 30% of its value since mid-April, so it is hardly going to avoid its replacement next week. It was nearly taken out of the index in early March, but then there were still many factors boosting the share, unlike now. Heidelberg Cement’s growth, on the other hand, does not seem to... |
Trading: Grasim slumps most on record after spin off26 May 2010, Published under Cement NewsIndian producer, Grasim Industries plunged in Mumbai trading after the Indian maker of viscose staple fiber separated its cement unit that contributed 75 per cent of sales. Grasim’s shares slid 18.5 per cent to 1,890 rupees at 11:52 a.m. local time. The stock slumped 27 per cent intraday, the most since at least January 1991. Shareholders of Grasim will receive one share of Samruddhi Cement for each held. UltraTech Cement another unit Aditya Birla Group, Grasim’s parent, will combine wit... |
CRH appoints new finance director26 May 2010, Published under Cement NewsCRH has appointed a new group finance director after Glenn Culpepper resigned his position for personal reasons. In a statement, the company said Mr Culpepper had resigned from the board effective from today, and would return to the US. He will leave CRH on June 30. Current head of group finance Maeve Carton will step into the role. Ms Carton joined CRH in 1988, and was appointed group controller in 2001 before taking up the head of finance position in January last year. Chief executiv... |
Lafarge and Strabag create Central Europe joint venture26 May 2010, Published under Cement NewsLafarge, the world leader in building materials, and STRABAG, Central and Eastern Europe’s largest construction company, are combining their cement activities in several countries of Central Europe. The two companies signed an agreement on May 25, 2010 creating the holding company Lafarge Cement CE Holding GmbH. The new company will have its headquarters in Austria. Lafarge will bring its cement plants at Mannersdorf and Retznei in Austria, Cížkovice in Czech Republic and Trbovlje in ... |
Raysut Cement posts lower earnings in first quarter25 May 2010, Published under Cement NewsRaysut Cement, Oman’s largest cement manufacturer, reported a 32 per cent decline in sales revenue for the first quarter of this year, citing heightened competition from imports. Revenues fell to OMR16.3m during three month period ending on March 31, 2010 compared to earnings of OMR23.9m achieved during the corresponding period in the previous year. Profit before tax stood at OMR6.81m for the first quarter of this year, against OMR7.84m earned during the corresponding period of last year,... |