Cement News tagged under: corporate
Mexico's Cemex seen posting narrower quarterly loss25 April 2012, Published under Cement NewsCemex is expected to cut its first-quarter losses by more than half from a year ago, helped by higher sales and a strong share price gain during the period. A Reuters poll among seven analysts showed Cemex would likely post a net loss of US$112m in the January-to-March period, compared with a loss of US$276m in the 1Q11. Quarterly sales are expected to have grown 3.7% due to stronger demand from the United States, Cemex's top market outside Mexico, and higher prices in that market. Euro... |
China Huaxin Cement changes investment plant25 April 2012, Published under Cement NewsHuaxin Cement said it will terminate plans to invest in 10 concrete projects and will use CNY172.56m of the uninvested funds on seven new projects, reports Yicai, citing a company filing yesterday. According to the announcement, the amount spent on the 10 projects totalled CNY9.91m. The land-use rights it already bought will be transferred, while the equipment purchased will be used for the new concrete projects. Huaxin Cement intends to fully acquire five concrete producers, including Ji... |
Chinese firm to buy 60% of Vulcan Mining for US$21m25 April 2012, Published under Cement NewsPhilippines' China Trend and its owner William Chan Wai Keung have further raised their planned investment in Vulcan Industrial & Mining Corporation by signing an agreement to subscribe to 60% or PHP900m (US$21m) worth of the mining firm's shares. In a disclosure to the Philippine Stock Exchange, Vulcan said Modern Overseas Investment Ltd, a wholly-owned subsidiary of China Trend, had signed a subscription agreement to make a private placement of PHP450m in par value Vulcan shares. Another ... |
Kenya: NSSF faces off with Lafarge over board seat at Bamburi24 April 2012, Published under Cement NewsNational Social Security Fund (NSSF) is set to open a fresh fight with French conglomerate Lafarge over the control of Bamburi Cement as it demands a seat on the cement maker’s board it lost last year. The cement firm – which is owned 58.4% by Lafarge – dropped NSSF representative Alex Kazongo from its board in March, citing his failure to attend successive meetings. Now, the fund has written to Bamburi Cement seeking a position in the board, but it says the company has told it to present ... |
UltraTech Cement net profit rises 19% in 4Q to US$69.7m24 April 2012, Published under Cement NewsUltraTech Cement posted a 19% rise in net profit at INR8.67bn (US$69.7m) in the fourth quarter ended 31 March 2012, as compared to INR7.27bn (US$138m) in the corresponding quarter last year. Net sales rose 19% to INR53.37bn from INR44.9bn during the period. ?? Profit before interest, depreciation and tax is INR14.64bn as against INR11.27bn in the corresponding period of the previous year. ??The combined cement and clinker sales of grey cement was 11.54Mt and 3Mt for white cement. |
India Cements: investors could consider on long-term basis24 April 2012, Published under Cement NewsChennai-based India Cements is a leading player in southern India and has benefited from strong cement prices, given production discipline amongst local producers over the past few quarters. Consequently, total cement dispatches in the southern region grew just 1.8% YoY during FY12, and the pace was much slower than the all-India growth during this period, Point Out brokerage house reports. India Cements has recently diversified its presence into northern markets. Its subsidiary Trinetra ... |
UBA in talks with Dangote for new partnership20 April 2012, Published under Cement NewsPan-African lender United Bank for Africa is in talks with Aliko Dangote for a partnership to provide banking services to his Dangote Cement group in 13 countries, its chief executive said. Phillips Oduoza told the Reuters Africa Investment Summit in Lagos on Thursday the move would leverage their overlapping presence across the continent. UBA is in all of the 14 countries in which Dangote is building cement plants, except for South Africa. "We are thinking of a strategic partnership betw... |
KGI Securities confident on Siam Cement 2H earnings, Thailand20 April 2012, Published under Cement NewsKGI Securities expects good earning results from Thailand’s Siam Cement in the second half of 2012. "We anticipate earnings in the second half of 2012 to improve strongly thanks to the world economic recovery that should help lift the global demand for chemical products and allows the chemical spread to increase to more than $500/tonne," the broker said a research note. The broker also added that post-flood reconstructions would be the key driver for the company's net profits in the fi... |
Anhui Conch net profit falls 43.61%, China20 April 2012, Published under Cement NewsAnhui Conch Cement said yesterday that its net profit dropped 43.64% YoY to CNY1.25bn in the first quarter of this year, due to falling cement prices and rising production costs. Operating revenue was CNY8.86bn in the first three months, 4.9% less than in the same period of 2011. Cement sales, however, rose 10.3% YoY to 33Mt in the first three months, but its average sales price fell 13.8% YoY (7% QoQ) to CNY268/t. Earlier the company reported a net profit of CNY11.59bn for last year,... |
ACC first-quarter hit by one-time depreciation charge19 April 2012, Published under Cement NewsACC Ltd Thursday said its January-March net profit fell sharply, hit by a one-time depreciation charge of INR3.35bn. ACC, a unit of Holcim Ltd, posted a net profit of INR1.52bn, down from INR3.50bn a year earlier. Sales rose 19 per cent to INR30.15bn from INR25.41bn. The results were much lower than the market expected. An average of estimates from six analysts polled by Dow Jones Newswires had forecast a net profit of INR4bn. Without the one-time charge, the net profit could have ... |