Cement News tagged under: corporate
Vicem pretax profit rises 72.2%25 July 2012, Published under Cement NewsVietnam Cement Industry Corporation (Vicem) reported a pretax profit of VND333bn (US$15.91m) in the first half of this year, rising 72.7 per cent YoY, meeting 44.3 per cent of the whole-year target. Its revenues, however fell 1.2 per cent YoY to VND14.22trn during the period, or 43.6 per cent of the full-year target, the group said. Vicem sold 9.71Mt of cement and clinker in the first half of this year, down 1.4 per cent against the same period last year, of which 650,000t were exported –... |
Cemex creditors agree to US$421m new notes swap25 July 2012, Published under Cement NewsCemex said on Tuesday that creditors had so far agreed to swap debt holdings for US$421m of new high-yield notes as part of its plan to refinance its debt burden. Reuters reports that the exchange offer, for up to US$500m of new 9.5 per cent notes due in 2018, is part of a plan Cemex aims to conclude in the third quarter of this year to gain breathing room ahead of the maturing of US$7.25bn in debt in 2014. The offer, which was launched early this month, ends on 20 August. The US$421m figu... |
Tongli Cement reports 8.61% increase in 1H12 net profit24 July 2012, Published under Cement NewsHenan Tongli Cement Co said that its net profit rose 8.61% YoY to CNY97m (US$15.2m) in the first half of 2012, with basic earnings per share of CNY0.3. Meanwhile the company's operating revenue dipped 2.75% YoY to CNY1.97bn. (Source: China Business Newswire) |
JP Morgan downgrades UltraTech Cement, India24 July 2012, Published under Cement NewsJP Morgan downgrades UltraTech stock to "underweight" from "neutral" citing "stretched" valuations. JP Morgan says Ultratech, India's leading cement producer, is trading at 10 times enterprise value/EBITDA and at 18 times P/E. The U.S. investment bank also lowers its target price to INR1400 from INR1250. Ultratech Cement on Friday reported a 14 per cent net profit for the April-June quarter. JP Morgan says prefers to invest in the Indian cement sector via Ultratech parent Grasim Industri... |
FLSmidth falls on weaker China outlook24 July 2012, Published under Cement NewsFLSmidth & Co fell the most in eight weeks in Copenhagen on the outlook for slowing demand for its products as China’s expansion cools, according to Bloomberg reports. The shares slid as much as four per cent, the biggest decline since June 1. They dropped 3.3 per cent, making it the fourth-biggest loser in the Copenhagen 20 Index, to DKK332.3 as of 2:09pm in the Danish capital. Growth in China may slow for a seventh straight quarter to 7.4 per cent in the three months to September, sa... |
UltraTech Cement acquisition, India24 July 2012, Published under Cement NewsIndia’s number one cement producer UltraTech Cement announced on Tuesday it has signed an agreement with the shareholders of Gotan Lime Stone Khanij Udyog (GKUPL) to acquire 100% equity shares of GKUPL. With this acquisition, GKUPL has become a wholly owned subsidiary of the company. |
China Tianrui Group considers bond sale24 July 2012, Published under Cement NewsChina Tianrui Group Cement Co is considering selling a three-year offshore yuan bond, known as a dim sum bond, a source disclosed to Dow Jones. The cement producer, which operates in the Henan and Liaoning provinces, has mandated BOC International as the global coordinator to arrange a series of bond investor meeting and conference calls, the source said. The company plans to use the proceeds to refinanced existing debt obligations and supplement working capital. Meanwhile, Moody’s Inv... |
US operations boost Cemex’s second quarter results23 July 2012, Published under Cement NewsCemex has reported its highest quarterly EBITDA since the third quarter of 2009 as a pick-up in US operations helps to offset declines in Europe and Mexico. Net sales reached US$3.9bn during the second quarter of 2012, an increase of 1% on a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, versus 1Q11. Operating EBITDA increased by 11% during the quarter to US$702m versus the same period in 2011. On a like-to-like basis, operating EBITDA increased by ... |
BBMG Corp expects 1Q net profit drop, China23 July 2012, Published under Cement NewsBBMG Corp expects its net profit to fall 12.75 per cent in the first half of 2012 to CNY1.43bn (US$223.9m) due to declining cement prices amid weak demand. The company’s operating revenue was forecast to rise 14.84 per cent YoY to CNY15.02bn in the first six months, according to reports in China Business Knowledge. The Beijing-based cement producer earlier reported a net profit attributable to shareholders of CNY293m in the first quarter of 2012, 32.94 per cent less than the correspond... |
Cementos Lima reports 8.8% drop in 2Q net income23 July 2012, Published under Cement NewsPeru’s largest cement producer Cementos Lima has reported a fall of 8.8 per cent YoY in second quarter net income to PEN53.6m (US$20.3m). Revenue for the quarter was PEN293m compared with PEN257m a year earlier. |