Cement News tagged under: corporate
Italcementi/Siberia Cement dispute heads to Supreme Arbitration Court, Russia08 June 2012, Published under Cement NewsItalcementi, one of the world's largest makers of cement, expects to see its dispute with Russian cement maker Siberian Cement over a EUR 50mn forfeited commitment fee to go before Russia's Supreme Arbitration Court. The Italian company may see its appeal denied one more time by the Russian court. Back in 2008, SibCement won an auction to buy Italcementi's cement assets in Turkey for USD 850mn. The deal was duly approved by SibCement's Board and shareholders, and the Russian company paid th... |
Tokyo Cement net profit held back by tax increases, Sri Lanka06 June 2012, Published under Cement NewsSri Lanka's Tokyo Cement (Lanka) Plc said net profits for the March quarter rose just two per cent to SLR130.24m a year earlier, held back by a steep increase in taxes. According reports by Sri Lanka business online, the Japanese-Sri Lanka joint venture, said revenues rose sharply by 61 per cent to SLR6.81bn in the March 2012 quarter, lifted by the post-war construction boom. Gross profits also rose 36 per cent to SLR832m, but steep increase in income tax to SLR177m in the March 2012 qua... |
Credit Suisse maintains negative outlook for large Indian cement companies06 June 2012, Published under Cement NewsCredit Suisse maintains negative outlook for large-cap cement stocks, due to expensive valuations and low growth prospects, the Economic Times of India reports. Cement prices in May declined by 2-6 per cent across regions in India, which is an unseasonal trend, Credit Suisse said. ??Demand was also cited to be weak, which is however, contrary to the double digit volume growth posted by Ultratech Cement and Ambuja Cement in May. Any adverse ruling by monopoly regulator on cartelisation c... |
Arabian Cement Co first-quarter net profit rises 26%06 June 2012, Published under Cement NewsSaudi cement producer Arabian Cement Company (ACC) said its net profit for the first quarter of 2012 rose by 26% year-on-year to SAR146.1m (US$88.7m), boosted by growing sales. Operating profit increased by 24.8% to SAR 151.7 million in January-March 2012. The company’s management board has decided to recommend to shareholders a cash dividend of SAR1 (US$0.267) per share for the first half of 2012. If approved, the dividend will be paid to shareholders registered at the close of business... |
New managing director for Al Khalij Cement, Qatar06 June 2012, Published under Cement NewsThe Qatari Investors Group has appointed Faisal Abdulla al-Mana as the managing director of its subsidiary Al Khalij Cement Company. Al-Mana was elected as member of the board of directors of the group in 2011. He is also the vice chairman of Redco Construction Company since 2004. |
CNC imposes EUR 1.28m fine on Cementos Portland, Spain06 June 2012, Published under Cement NewsSpanish competition authority CNC has imposed a EUR1.28m fine on cement producer Cementos Portland Valderrivas for submitting incomplete information. In May 2012, the CNC launched a probe into Cementos Portland over allegedly incorrect information about revenues, volume of products and corporate structure. Cementos Portland was obliged in January to pay a EUR5.72m fine for participating in a cartel fixing the prices of concrete. Abstracted from an original article in Expansion. |
Sadico Cantho net profit rises 51.87%, Vietnam06 June 2012, Published under Cement NewsSadico Cantho Joint Stock Corporation (SDG) said it made a net profit of VND6.5bn (US$309,800) in Jan-March, an on-year growth of 51.87%. Revenues rose 19.5% on year to VND75.31bn, the company said in a quarterly financial report sent to the Hanoi Stock Exchange. In 2012, the cement firm targets a net profit of VND21.75 billion on revenues of VND247bn and a dividend payout equivalent to VND3,000/share. (Source: Vietnam News Brief Service) |
Belarus Krichev cement plant operational by November 201205 June 2012, Published under Cement NewsKrichev, Belarus, will get a new dry-process cement plant in November 2012. Construction on the 1.8Mta works is currently underway, said Leonid Skotsky, director of Krichevtsementnoshifer. The project is being implemented jointly with CITIC Construction and is funded by the China EXIM Bank. The new plant will be part of an ongoing drive to upgrade the Belarus cement industry. At the end of April, Krasnoselsktroymaterialy commissioned a new 1.8Mta production line and Belarusian Cemen... |
HeidelbergCement hoards liquidity due to financial crisis04 June 2012, Published under Cement NewsHeidelbergCement AG is hoarding liquidity to create a buffer should the Eurozone crisis deepen, its chief executive told the Wall Street Journal Deutschland in an interview. "At the end of the first quarter, our total liquidity was more than EUR3.7bn," Bernd Scheifele said, adding HeidelbergCement could cover all its debt maturity dates with that amount over the next 24 months. While the sovereign-debt crisis in Greece has had little impact on the cement maker's operations, Scheifele said,... |
Conch Cement to buy in Xinjiang Qingsong non-public issuance04 June 2012, Published under Cement NewsXinjiang Qingsong Building Materials and Chemicals (Group) Co announced that it has signed a framework agreement with Anhui Conch Cement Company that the latter would buy 150 million shares the former has sold in a non-public offering at CNY13.53 each or over CNY2bn in total. Upon the agreement, Conch Cement will support Xinjiang Qingsong in technology, man-agement, project construction and market integration of cement business, stepping up cement market integration in the region where they... |