Cement News tagged under: corporate
FLSmidth affirms 2012 outlook15 May 2012, Published under Cement NewsFLSmidth has affirmed its outlook for full-year 2012 as a strong order intake in 1Q confirms growth expectations and positive outlook. For the first three months of 2012, FLSmidth’s order intake increased 29% to DKK6421m and revenue increased 17% to DKK5145m. EBITDA rose 10% to DKK 469m. The profit for the period increased 39% to DKK 241m In terms of its cement division, the company said 1Q12 saw a very strong order intake of DKK 1,415m representing an increase of 169% compared to 1Q1... |
Camargo Correa rejects Cimpor proposal as ‘unrealistic’15 May 2012, Published under Cement NewsBrazilian conglomerate Camargo Correa has rejected Cimpor management's counter-proposal for a merger with Camargo's cement unit, saying it was "unrealistic,” Reuters reports. Cimpor's board, which had earlier said the price of EUR5.5/share offered by Camargo was too low, said on Saturday a merger would widen Cimpor's portfolio and create better synergies, preventing the withdrawal of another Brazilian shareholder, Votorantim. Its proposal involves paying up to EUR1/share in dividends to C... |
Athi River Mining posts 17% first-quarter pretax profit15 May 2012, Published under Cement NewsKenya's Athi River Mining posted a 17 per cent rise in first-quarter net profit, helped by higher production and growing demand. Net income increased to KES258.2m (US$3.1m) in the three months through March, from KES220.2m a year earlier, the Nairobi-based company said in a statement. Revenue rose 61 per cent to KES2.74bn for the three months ended March. Its earnings per share rose to KES10.40 from KES8.90 in the same period of 2011. The company’s directors have proposed changing its name... |
Holcim cost-cutting programme targets CHF1.5bn rise in operating profit14 May 2012, Published under Cement NewsHolcim said on Monday it was launching a targeted cost-cutting programme aimed at increasing operating profit by at least CHF1.5bn (EUR1.2bn) by the end of 2014. CEO Bernard Fontana: “After intensive discussions at the senior management level and based on close collaboration with the Group companies, I am confident that we will achieve these targets. At least CHF150m positive impact will be achieved in 2012.” Under the name, the "Holcim Leadership Journey 2012-2014" the programme focuses o... |
Buzzi Unicem: European weather partly offset by American advance14 May 2012, Published under Cement NewsBuzzi Unicem’s turnover in the first quarter declined by 1.3% to €562.23m and the EBITDA dropped by 47.6% to €22.36m. The loss at the trading level rose by 87.3% to €34.14m. Net financial costs declined by 0.6% to €27.85m, resulting in a seasonal pre-tax loss 38.1% higher at €64.52m. Net debt at the end of March was 5.4% higher at €1,204.6m, giving a gearing level of 47.1%. Capital investment was reduced by 6.4% to €35.3m. Cement shipments were hit by the harsh winter in Europe and declined... |
Dangote 1H12 profit forecast, Nigeria14 May 2012, Published under Cement NewsNigeria-based producer Dangote Cement said net income for the six months through June will probably be NGN77.5bn (US$492.5m), according to reports from Bloomberg. Revenue is forecast at NGN150.3bn, the African cement major said in a statement published on the Nigerian Stock Exchange’s website. |
Citi cuts CNBM, Conch target price, China11 May 2012, Published under Cement NewsCiti Group has cut the target price of Chinese players CNBM to Sell and Anhui Conch to Neutral and outlines the latter's latest moves in terms of suspended and new capacity. “We think the industry affiliation in East China market is breaking down. Mills are restarting suspended production lines to recoup volume. Demand is recovering, as we expected, however not as fast as the supply resumption. Price pressure should materialize in the next one to two quarters,” the house said in a statem... |
Reconstruction efforts to boost operating profit, Japan11 May 2012, Published under Cement NewsTaiheiyo Cement Corp and Sumitomo Osaka Cement are both expected to post their highest operating profit in five years in fiscal 2012 due to reconstruction demand from the March 2011 disaster, according to reports from the Nikkei. Taiheiyo Cement, the domestic leader, is expected to post a profit of JPY37bn for the year to March 2013, while Sumitomo Osaka Cement is expected to report roughly JPY10bn. Domestic cement demand is projected to grow 1% to 43Mt this fiscal year, its second consec... |
First-quarter 2012 themes and trends11 May 2012, Published under Cement NewsThe first-quarter 2012 reporting season has seen a harsh winter dampen construction activity in Europe for the leading global cement majors but overall an improving tone has begun to emerge. Cost reduction measures and targeted price increases appear to be key themes as producers look to improve margins in the second half of this year. European weather bites, emerging markets lead the way As usual, the impact of weather conditions has featured significantly in first-quarter results ... |
West China acquisition of Fuping Cement positive – Moody’s10 May 2012, Published under Cement NewsMoody's commented that West China Cement's (WCC) acquisition of Fuping Cement is credit positive for WCC (Ba3, negative). Fuping Cement owns a 2Mt cement production plant in Zhuangli town in Shaanxiand a 35% interest in Shifeng Cement which has a 2Mt plant in Caocun town, also in Shaanxi. WCC is also still completing the acquisition of a 65% interest in ShifengCement, which began in March 2012. Moody's said the issuance of HK$620m worth of new shares to acquire capacity will enhance its... |