Cement News tagged under: West China Cement
Fitch Ratings downgrades West China Cement23 March 2012, Published under Cement NewsFitch Ratings has downgraded West China Cement's (WCC) Long-Term Foreign Currency Issuer Default Rating (IDR) and Senior Unsecured debt rating to 'BB-' from 'BB'. The Outlook on the IDR is Stable. The rating action is driven by Fitch's view that the deterioration in WCC's gross profits and the increase in its financial leverage in H211 will persist through 2012. WCC's gross profit dropped to CNY76/t n in 2011 from CNY120/t in 2010, due to the weak average selling prices (ASP) in WCC's c... |
West China net profit down, acquisition announced20 March 2012, Published under Cement NewsWest China Cement said its net profit for the year ended 31 December 2011 declined by 28.43 per cent YoY to CNY662m (US104.7m). Meanwhile, basic earnings per share were about CNY0.16. Meanwhile, the Hong Kong-listed cement producer said its wholly-owned subsidiary has inked an agreement to buy a 55 per cent stake in Shaanxi Province-based cement company Shaanxi Shifeng Cement for CNY402m. According to the agreement, West China Cement has been granted an option to acquire another 10 per c... |
West China Cement buys stake in Shifeng Cement16 March 2012, Published under Cement NewsWest China Cement has agreed to acquire a 55% interest in Shaanxi Shifeng Cement at CNY401.5m. The company has been granted an option to acquire a 10 per cent interest in Shifeng Cement for CNY73m. Shifeng Cement operates a 4500tpd clinker line with an annual capacity of 2Mta. |