Cement News tagged under: corporate
HeidelbergCement’s debt reduction focus16 July 2012, Published under Cement NewsHeidelbergCement plans to cut its debt by about 16 per cent to EUR6.5bn to boost its credit rating and share price according to reports in the Frankfurter Allgeemeine Sonntagzietung said, citing an interview with CEO Bernd Scheifele said. Debt reduction is the top priority and the time isn’t right for bold acquisitions, Mr Scheifele said. HeidelbergCement has cut debt by EUR7bn to EUR7.7bn in the four years ending 2011, Scheifele added. The company aims to reach EUR6.5bn of debt, but M... |
Sichuan Shuangma expects first-half net loss, China16 July 2012, Published under Cement NewsSichuan Shuangma Cement said it expects to post a CNY10-15m (US$1.7m-2.4m) net loss in the first half of 2012 compared with a net profit of CNY89.91m for the same period of 2011. A number of Chinese producers have issued profit warnings over recent weeks as slower demand and continued pricing pressures are expected to hurt first half profits. |
Brazilian market adjustments16 July 2012, Published under Cement NewsThe recently-approved takeover of Cimpor by Brazilian conglomerate Camargo Correa will not only lead to the reorganisation of the Portuguese cement major's operations, but is also set to alter the make-up of the Brazilian cement market. Last month, Camargo Correa succeeded in acquiring a controlling stake in Cimpor with a price tag of EUR2.5bn, raising its share from 33 to 94.8 per cent. Camargo is to integrate its South American and Angolan cement operations into Cimpor and according to ... |
Sharp public sector falls in UK construction point to difficult 201213 July 2012, Published under Cement NewsThe latest figures from the UK's Office of National Statistics released today highlight that output fell 6% in May compared to a year earlier. Commenting on the figures and the bleak outlook for construction activity in 2012, Noble Francis, Economics Director at the Construction Products Association said: "Although the coalition has consistently made pronouncements of boosting UK construction and the economy, there is little sign of this in reality. Public sector housing output in May was ... |
Jidong Cement shares acquired, China13 July 2012, Published under Cement NewsJidong Development Group bought additional 698,300 shares in Jidong Cement on the secondary market, accounting for 0.05% of the total outstanding shares in the listed arm. The controlling shareholder plans to continue holding expansion in the next six months due to the current market situation. Essence Securities Co expects Jidong Cement to achieve a net profit of CNY324m and sales are expected to reach 34Mt. |
Jiangxi Wannianqing forecasts 80% net profit drop, China13 July 2012, Published under Cement NewsJiangxi Wannianqing Cement Co Ltd, a Jiangxi Province-based producer of cement and clinker, said it expects first-half 2012 net profit to plummet 80 per cent to CNY54-63m (US$8.5-9.9m) in the first half of 2012 due to slower domestic demand |
Court puts industry fine on hold, Argentina13 July 2012, Published under Cement NewsArgentina’s Supreme Court has put on hold a ARS$300m (US$66m) fine imposed on cement companies in 2005 by the competition authority CNDC based on evidence of alleged collusion and dividing the market between them. The cement companies listed are Loma Negra, Cemento San Martin, Juan Minetti, Cementos Avellaneda and Petroquimica Comodoro Rivadavia that have been contesting the ruling since. |
Daiwa sees positive developments for China from 2H13 July 2012, Published under Cement NewsAnalysts at brokerage Daiwa have said that while current cement demand in China does not look good and many local producers have issued profit warnings, macro data suggests that the country's overall economic conditions are holding up, and loosening measures by the central government are helping infrastructure and property investment to pick up gradually. "We see positive developments for the China cement market for 2H12, especially when the rainy weather ends." Daiwa suggests investor... |
Texas Industries returns to full-year profit12 July 2012, Published under Cement NewsTexas Industries' turnover increased by 4.1% to US$647m in the financial year to the end of May, and the EBITDA jumped from US$13.2m to US$33.6m. After an interest charge 26.8% lower at US$34.4m, the running loss dropped from US$34.4m to US$1.2m and a the pre-tax profit of US$8.5m was achieved, compared with a US$106.8m loss in the previous accounting year. Net debt at the end of May was 6.4% higher at US$570.1m giving a gearing level 6.0% higher at 81.7%. "The pace and magnitude of ... |
PPC in US$133m deal with black investors12 July 2012, Published under Cement NewsSouth African cement maker Pretoria Portland Cement (PPC) is to sell a 6.5 per cent stake to its staff and black investors in a deal worth about US$133.4m. PPC said the broad-based black economic empowerment (BBBEE) deal, which is the second in four years, would take shareholding by black investors in its South African operations to 26 per cent and enable it meet the rules set out by the government. PPC said on Thursday it would cancel about 20 million treasury shares it bought back to ... |