Cement News tagged under: corporate
Eagle Material reports second quarter rise in earnings, USA30 October 2012, Published under Cement NewsEagle Materials has reported continued growth in sales volumes and earnings in the second quarter as revenues rise 22 per cent to US$164.7m. Second quarter sales volumes improved across all major business lines and wallboard net sales prices increased 30 per cent as compared to the prior year's second quarter. Improved second quarter operating cash flow was used to fund capital expenditures, pay dividends and reduce debt which further strengthened our financial position. Eagle ended the qua... |
Sinoma nine-month net profit down 76 per cent, China30 October 2012, Published under Cement NewsSinoma said its net profit attributable to equity holders of parent dropped 76.41 per cent YoY to CNY305m (US$48.9m) for the nine months ended 30 September 2012. Its basic and diluted earnings per share were CNY9 cents. Operating revenue was CNY36.73bn, an increase of 3.5 per cent from a year earlier. Morgan Stanley said the fall in profit missed market expectations and expects Sinoma’s 2013 earnings to stay flat. |
Holcim Australia to make cutbacks30 October 2012, Published under Cement NewsHolcim Australia is expected to lay off 150 staff and mothball up to 30 plants as it adjusts to challenging market conditions. According to reports by the Financial Review of Australia, the Swiss cement producer expects to mothball or close about 10 per cent of its sites in Australia when it completes an organizational review this week. Holcim Australia chief executive Mark Campbell said the review had taken softer market conditions, including a recent slowdown in the mining sector, ... |
Jiangxi Wannianging Cement profit declines, China30 October 2012, Published under Cement NewsJiangxi Wannianging Cement has posted an 82.33 per cent drop in net profit for the first nine months of 2012 on the back of lower sales volumes and prices. For the nine months to September, net profit was CNY74.12m (US$11.9m) while operating revenues fell 22.44 per cent YoY to CNY3.19bn. For the third quarter alone, operating revenue fell 23 per cent YoY to CNY1.183bn while net profit plunged 86.77 per cent to CNY16.24m. The company attributed the decline in profits to a drop in sales ... |
Cemex launches Latam IPO, Colombia30 October 2012, Published under Cement NewsCemex officially launched on Monday the Colombian initial public offering of its Latin American unit, with books open from 29 October to 6 November, the company said. Cemex has set a range of between COP11,000 and 13,500 (US$6.03-7.40) per share for the offering of about 24 per cent of its Cemex Latam Holdings unit. The minimum amount of shares it will offer will be 50 million, it said in a notice printed in Colombian media. The IPO could raise nearly US$1bn dollars. Cemex Latam Holdings,... |
Fitch assigns Central Asia Cement 'BB-(kaz)' rating29 October 2012, Published under Cement NewsFitch Ratings has assigned Central Asia Cement (CAC) a National Long-Term Rating of 'BB-(kaz)' with a Stable Outlook. The agency has also assigned the prospective 2.5 billion tenge notes to be issued by the company and guaranteed by its parent company Steppe Cement Ltd and by the affiliated company Karcement an expected rating of 'B(kaz)(EXP)'. The final rating is contingent on the receipt of final documents conforming to information already received. "The rating reflects CAC's solid c... |
Asia Cement profit falls, China29 October 2012, Published under Cement NewsAsia Cement (China) said that revenue for the first nine months of 2012 was CNY4.73bn (US$757m), a decline of 19.83 per cent from a year earlier. Gross profit declined 58.5 per cent to CNY696m and gross profit margins fell 15 per cent, down by 13 percentage points compared to the same period of last year. Net profit attributable to shareholders fell 84.8 per cent YoY to CNY147m for the first nine months of the year. Its basic and diluted earnings per share were CNY9.4 cents. |
JP Morgan expects improved China pricing environment29 October 2012, Published under Cement NewsJP Morgan has raised its target price for BBMG Corp to HK$6.5 from HK$5.5 and maintained its “neutral” rating and sees improved trading conditions in the second half of 2012. It said that the Chinese company’s nine month results were in line with expectations with the weakness due to sluggish demand and a tough pricing environment throughout the industry. JP Morgan expects the pricing in the second half of 2012 will be better as new capacities coming on line will be lower and the rece... |
Najran Cement 3Q12 net profit down, Saudi Arabia29 October 2012, Published under Cement NewsSaudi Arabian cement company Najran Cement posted a net profit of SAR36.2m (US$9.7m) for the third quarter of 2012 compared to SAR83.3m in the corresponding period of 2011, representing a fall of 56.55 per cent. However, on a QoQ basis, net profit increased by 36.19 per cent compared to the second quarter of the year. The reason for net profit of third quarter being higher than the second quarter 2012 is that second quarter was subject to bear additional costs for IPO and arrears of royal... |
Cemex Spain lay off 370 workers as cement consumption plummets29 October 2012, Published under Cement NewsCemex Spain has lodged an employment regulation (ERE) for 370 workers, 21.2% of the 1740 employees that the Mexican multinational has in the country. The company justifies this measure of 'Horizon Plan' by the collapse in demand for cement in Spain, which "is putting at serious risk the future of this industry." Other measures include reducing eight factories to three to produce cement. So, it keeps its integrated production at the plants of Morata de Jalon (Zaragoza), Lloseta (Baleare... |