Cement News tagged under: corporate
HSBC downgrades HeidelbergCement to "neutral"06 December 2011, Published under Cement NewsHSBC said today it downgraded the stock recommendation of HeidelbergCement to "neutral" from "overweight" and raised its share price target to EUR 34 from EUR 31. Analyst John Fraser-Andrews said he remains cautious regarding the European building materials sector. Sales volumes on developed markets as well as revenue in the emerging ones are expected to decline in 2012. Despite the moderately increased forecasts, the share potential only justifies a "neutral" stock recommendation, the an... |
Yamama Saudi Cement proposes bonus share issue06 December 2011, Published under Cement NewsYamama Saudi Cement Co said its board will seek the authority’s approval to boost the company’s capital by 50 per cent to almost SAR2.0bn (US$540m) from the current SAR1.3bn. The company said the board has proposed that the capital hike be carried out via a one-for-two bonus share share issue through the capitalisation of part of its reserves. Yamama said in a statement posted on the Saudi bourse website that the proposed SAR675m capital increase aims to finance future expansions. |
PIC seeks court ruling to control AfriSam05 December 2011, Published under Cement NewsThe Public Investment Corporation (PIC) would be in a better position to renegotiate with the holders of EUR1bn (ZAR10.8bn) in AfriSam debt if it had full control of the cement maker, the state-owned asset manager said on Friday. The PIC had the resources and relations to reorganise the debt and save AfriSam from bankruptcy, its lawyer, Dennis Fine, told the North Gauteng High Court in Pretoria. The PIC, which manages about ZAR1trn in pensions for government workers, and former MTN Group... |
India: ACC gains on strong cement dispatches in Nov02 December 2011, Published under Cement NewsACC has said its cement production for November has gone up 4% to 1.83Mt YoY. The company’s dispatches have also risen 6% to 1.83Mt when compared with the same period last year. Yet, industry experts say cost pressures remain a cause of concern for the broader cement sector including ACC. Despite global coal prices which are currently at US$113/t levels easing from their average of US$120/t in the September quarter, cement players can’t reap benefits as the rupee has weakened against the do... |
Votorantim announces 9M11 results02 December 2011, Published under Cement NewsVotorantim Participações SA has released its nine months of 2011 results. Votorantim presented consistent results, supported by a diversified portfolio which includes business focused in the Brazilian housing and infrastructure markets. Sales volume increased in cement, pulp, steel and zinc, while it remained stable in nickel. The vement business accounted for 45% of industrial EBITDA, metals 37%, steel 7% and pulp 12%. Cement sales volume remained stable in North America and increased 3% ... |
Iraq Cement Company achieves IQD16bn profit01 December 2011, Published under Cement NewsAswat Aliraq reported that the Iraqi Cement Company has achieved IQD16bn (US$13.7m) profit with operations from just three of it four cement plants. Mr Nasser al Madani spokesman for the company’s director general said that: "A major success has been achieved by the Ministry of Industry & Minerals and the Iraqi Cement Company after assigning its cement plants for investment according to the principle of partnership, to step up productive results and to support and develop the private sec... |
China: Prosperity Minerals sees increase in revenues and profits01 December 2011, Published under Cement NewsReporting its interim results for the six months to 30 September, Prosperity Minerals boosted its first-half revenues by 17% to US$507.8m while producing a pre-tax profit of US$8.4m (1H11: US$2.5m loss), the firm said. Prosperity’s cement operations produced an attributable profit of US$8.7m, compared to a loss of US$0.6m in 1H11. The firm said that its 33 per cent-owned Anhui Chaodong Cement business produced and sold more cement and clinker as demand in its region was strong and average s... |
China Resources increases stake in CRC Chanjiang30 November 2011, Published under Cement NewsChina Resources Cement said it has successfully won the tender of 31.08% equity interest in China Resources Cement (Changjiang) Limited in a public tender at about CNY339.9m (US$53.36m), which will be satisfied in cash using internal resources. CRC Changjiang is currently operating three clinker production lines with total capacity of about 3.26Mta and five cement grinding lines with total capacity of 4Mta in Hainan Province. Upon completion of the acquisition, interest of China Resources C... |
India: Madras Cements set for growth30 November 2011, Published under Cement NewsMadras Cements Ltd has announced a growth of 100% net profit for Apr-Sep 2011. Its sales rose by 18% in the period. The company has diverted the cement from Andhra Pradesh to Tamil Nadu and Karnataka. Price of cement has increased from INR220 a bag in Aug 2010 to INR300 in Nov 2011. The company imports nearly 55% of its coal requirement. Madras Cements has a captive power generation capacity of 150MW and a manufacturing capacity of 12Mta. |
Citi cuts China Resources Cement target price29 November 2011, Published under Cement NewsCitigroup halved its target price for China Resources Cement (CRC) to HK$5.88 from HK$7.94, and downgraded the stock to "neutral" from "buy". It believes CRC should deliver total sales of 66Mt in 2012, up by 31% from 51Mt in 2011.The company has the most certain volume growth in the cement universe, thanks to its strong pipeline. Citi expects gross profit bottoming at around HK$90/t in 1Q 2012. Demand should recover in 2Q seasonally, and any relaxing signs on macro side by mid-year suggest... |