Cement News tagged under: corporate
Cemex share approval, confident on meeting debt obligations27 February 2012, Published under Cement NewsCemex shareholders have approved a plan for the company to issue more shares. The proceedings from the issuance will be used to pay a dividend, the company said at its annual shareholders meeting. Meanwhile, Cemex CEO, Lorenzo Zambrano, last week said that the company will meet its debt obligations to creditors this year, suggesting that the company may be turning a corner following a tough year when meeting these obligations were in doubt. Source: Reuters |
Cements Argos: positive outlook after strong 2011 results27 February 2012, Published under Cement NewsCementos Argos, Colombia's largest cement producer, achieved more than COP3.6bn (US$2bn) in consolidated revenues for FY2011, representing YoY growth of 21% in peso terms as it reported strong performances in its Colombian and Caribbean divisions. In the US, results were still affected by the challenging conditions although the company sees interesting recovery prospects ahead. According to latest figures from Cements Argos, EBITDA for the year increased by 26% in peso terms to COP682m (U... |
Jefferies starts India cement coverage24 February 2012, Published under Cement NewsJefferies has initiated coverage on the Indian cement industry with a buy rating on ACC, Grasim Industries, India Cements, UltraTech Cement, and hold rating on Ambuja Cements. "We believe India Cements has the highest earnings upside from both volume and price surprises.... Among the large caps, Ultratech looks the best positioned without a significant exposure to south," said Jefferies in a report on Thursday. The house says that it expects the next few years to be good for the cement... |
Cement division helps boost YTL net profit, Malaysia24 February 2012, Published under Cement NewsYTL Corp of Malaysia registered a net profit of MYR489.2m in the six months ended 31 December 2011, up 10.4 per cent YoY, boosted by the group’s cement and multi-utility arm. Revenue increased by 10.8 per cent to MYR9.87bn. Commenting on the results, YTL Group Managing Director, Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping, CBE, FICE, said: “At the half-way mark of the 2012 financial year, the Group continued to perform well. Revenue topped MYR9.8bn, increasing 11% or MYR964m over the same p... |
Weak demand and high input costs hit Holcim Philippines earnings24 February 2012, Published under Cement NewsHolcim Philippines posted a net earnings of PHP2.03bn, down 47.27% from the PHP3.85bn it earned in 2010 as weaker cement demand and higher input costs impacted revenue but said it is cautiously optimistic for the year ahead. The company said cement consumption fell after a very strong market in election year 2010. Simultaneously, continuous rises in coal and electricity hiked the company’s energy costs per ton by 14 per cent. “The environment in 2011 was certainly tough, but I believe ... |
Fujian joint-venture announced, China24 February 2012, Published under Cement NewsChinese cement producer, Fujian Cement plans to set up a joint venture, Fujian Jianfu Southern Cement, with its second-largest shareholder, Southern Cement to consolidate the cement industry in Fujian, a southeast province in China. Both companies will conduct mergers, acquisitions and expand production capacity, reports China Securities Journal, citing a company filing. Each company will hold a 50 per cent interest in the joint-venture will engage in cement-related activities under the ‘... |
Suez Cement reports 54% decline in 2011 net profit24 February 2012, Published under Cement NewsSuez Cement of Egypt posted a 54 per cent decline in 2011 due to political unrest and uncertainty. Net income fell to EGP568.6m (US$94m) from EGP1.24bn in 2010, the company said. With visibility in the Egyptian market still fairly poor, the company said in a statement to the Egyptian bourse: “The outlook is still very uncertain in the current political context and before a stable government can be established.” |
FCC may delay sale of US unit24 February 2012, Published under Cement NewsFomento de Construcciones & Contratas SA (FCC) of Spain may delay the sale of its US business after receiving offers below expectations, El Confidencial reports. FCC had wanted EUR600m for the unit, however, potential buyers do not see economic recovery yet that will revive cement demand, the newspaper noted, citing unidentified sources. |
CRH announces non-executive Board appointment23 February 2012, Published under Cement NewsThe Board of CRH plc is pleased to announce the co-option to the Board of Ms. Heather Ann McSharry as a non-executive Director. Ms. McSharry (50) is Chairman of the Board of Trustees of Bank of Ireland Pension Fund and is a director of Ergonomics Solutions International, IDA Ireland and the Institute of Directors. She is a former Managing Director of Reckitt Benckiser and Boots Healthcare in Ireland and was previously a director of Bank of Ireland and Enterprise Ireland. She holds a Ba... |
Indian cement importers meet Pakistan exporters22 February 2012, Published under Cement NewsAn Indian trade delegation of over 120 business people, government officials and members of Federation of Indian Chambers of Commerce and Industry (FICCI) including cement importers visited Pakistan last week to make head way on Most Favoured Nation (MFN) status to India and further enhance bilateral trade relations between the two countries. The Indian delegation was led by Anand Sharma, Minister of Commerce & Industry, Government of India. On the sidelines of visits, a group of Indian ce... |