Cement News tagged under: corporate
Citi cuts Thai Siam Cement target price07 November 2011, Published under Cement NewsCitigroup has cut its target price for Thailand’s Siam Cement Pcl (SCC) to THB375 from THB417 but still recommends it as a "buy". "The share price has corrected by 18 per cent from its three-month peak on 11 August, largely pricing in near-term headwinds including weak integrated chemical spreads and the flood," Citi Investment Research said in a noted dated 4 November. The broker said it maintained its "buy" rating, expecting a recovery in sales of cement, paper and building materials t... |
Saudi Tabuk Cement boosts net profit07 November 2011, Published under Cement NewsSaudi cement producer Tabuk Cement Company, or TCC, said its net profit for January-September 2011 rose 9.4% YoY to SAR108.9m (US$29m). Earnings per share (EPS) stood at SAR1.21, up from SAR1.11. The company attributed the increase to higher sales boosted by local demand, but did not give exact figures. For the third quarter of 2011, TCC booked a net profit of SAR24.7m, slightly up from SAR23.8mm in the same period last year. |
Ian Gallienne takes up role of Lafarge director06 November 2011, Published under Cement NewsThe Board of directors of Lafarge has announced Ian Gallienne will assume the role of director of Lafarge. He replaces Gérald Frère, who has resigned, for the remaining term of his position, ie until the end of the Shareholders’ Meeting that will be called to approve the financial statements for financial year 2011. |
Vicat performs strongly in Turkey and India04 November 2011, Published under Cement NewsVicat’s first half turnover rose by 16.4% to €1,146.2m, which represents a 10.7% increase on a comparative basis. The EBITDA advanced by 9.2% to €253.3, but the margin narrowed from 23.6% to 22.1%. The trading profit improved by 11% to €164.8m, while the pre-tax profit was up by 4.4% to €142.8m, but the net attributable profit declined by 3.9% to €90.9m in the light of a 96.3% increase in the tax charge to 24.1% as more income was derived from higher rate countries such as France and Ind... |
Citigroup keeps ACC at sell, India04 November 2011, Published under Cement NewsCitigroup keeps ACC at Sell with a INR996 price target, based on EV/ton, after the company posts lower-than-expected 3Q adjusted profit after tax of INR1.2bn, compared with the house’s forecast of INR1.3bn. The house says valuations appear to price in the positives, but not the weak near-term pricing and earnings outlook and cost pressures. "While cement prices have been rising in recent weeks, we expect a correction in the coming months as demand growth has been slow and there is adequate ... |
Lafarge closes sale of gypsum assets to Etex Group04 November 2011, Published under Cement NewsLafarge announced that the Group received €850m with the closing of the sale of its European and South American Gypsum assets to Etex Group. Lafarge will retain a 20% interest in the new partnership, allowing it to participate in the future upside of the business with Etex Group. |
Boral’s first-half profit expected to remain slow04 November 2011, Published under Cement NewsBoral’s first-half profit is expected to be close to that of the second half and under the same period last year due to flat or slowing building markets in the United States and Australia. Boral is also looking to close at least four more US brick manufacturing plants. Chief executive of Boral Mark Selway said yesterday that it has been a tough start to the year with slower housing starts in Australia and continued economic uncertainty in the US. He was speaking at the group’s annual gen... |
Lafarge 3Q net profit falls, launches 2012 cost-reduction plan04 November 2011, Published under Cement NewsLafarge SA Friday announced a EUR500m cost-reduction plan for next year after third quarter net profit fell despite an increase of sales revenue. Lafarge said its third-quarter net income fell 10% on-year to EUR336m, while its sales rose 1% to EUR4.21bn. Despite the Group’s cost reduction program, higher cost inflation and foreign exchange weighed on results and margins. Current operating income fell 9% to EUR750m but was EUR37m above the consensus and EUR41m above estimates by Jefferi... |
Banca IMI cuts Italcementi rating on weak Egyptian business03 November 2011, Published under Cement NewsBrokerage Banca IMI cut today the rating on Italy’s cement maker Italcementi SpA to "hold" from "buy" to reflect lowered earnings forecasts due to a pessimistic view on the company’s business in Egypt. Banca IMI also slashed its price target to EUR4.95 from EUR8.65 ahead of Italcementi’s third-quarter results release on November 7. The downgrade reflects the lowered EBITDA estimates by an average 9.3% for 2011-2012, due to the inflation and lower costs in Egypt – expected to put under pres... |
India’s Aditya Birla mulls bid for coal venture-sources03 November 2011, Published under Cement NewsIndia’s diversified Aditya Birla Group is considering bidding for Australia’s New Hope Corp, a US$5bn coal miner which put itself up for auction last month, sources said on Wednesday. Aditya Birla requires thermal coal for group companies under its wing including UltraTech Cement (India’s largest cement producer) and Hindalco Industries (India’s top aluminium) producer. The group is expected to appoint an adviser for the bidding process soon, two sources told Reuters. New Hope is con... |