Cement News tagged under: corporate
Tasek Corp earnings down on low volumes, Malaysia01 November 2011, Published under Cement NewsMalaysian Cement maker Tasek Corp Bhd’s net profit dropped 32.9% to MYR22.10m (US$7m) in the third quarter ended September 30 from MYR32.90m a year earlier due to lower sales. It told Bursa Malaysia that revenue for the period fell 7.5% to MYR132.99m against MYR143.78m while earnings per share were 17.82 sen compared with 20.63 sen previously. It attributed the lesser earnings to lower volume in domestic cement sales following Hari Raya holidays during the quarter. |
Tarmac Ltd back in profit after European business sales31 October 2011, Published under Cement NewsTarmac Ltd has reported a GPB75m (EUR85m) pre-tax profit for 2010 after the sale of its European businesses. The Competition Commission is currently considering a joint venture between Tarmac UK and fellow cement firm Lafarge, announced by owners Anglo American and Lafarge in February. Tarmac Ltd saw revenue from continuing operations increase to GBP968.7m in the year to 31 December 2010, from GBP934.8m in 2009. Pre tax profit before exceptional items was GPB175m, compared with a GBP13.4m ... |
Cimpor eyeing stake in Tamil Nadu company??31 October 2011, Published under Cement NewsCimpor is looking to pick up a strategic 51% stake in Rajapalayam, Tamil Nadu-based Sree Jayajothi Cements, local press report. The talks have reached a ’critical phase’ of valuing the target company. "They (Cimpor ) are really keen on the deal as much as I am,” said TRK annan, managing director, Sree Jayajothi. “If all goes well from here, we may announce it over the next one week," Cimpor has agreed to a valuation of INR1800 crore, but Kannan and family-the promoters of Sree Jayajothi-a... |
Raysut profits down 38.5%? on competition, Oman31 October 2011, Published under Cement NewsRaysut Cement saw profits fall 38.5% for the first nine months of this year compared to the same period last year. The company achieved OMR10.17m (US$26.41m) before tax, down from OMR19m (US$49.34m) the previous year. Total sales of cement and clinker slipped 11.2% to OR 44.2m ($114.79m), though the cost of sales remained steady, resulting in a 16.2% gross profit. Taxation will be included at the end of the financial year, the company added to investors last week. The company sold 2.5... |
Shanshui Cement inks strategic team-up deal, China31 October 2011, Published under Cement NewsChina Shanshui Cement said its wholly- owned subsidiary Shandong Shanshui Cement entered into a strategic cooperation agreement with Bank of China, Jinan Branch to form a long-term strategic cooperation relationship and Shandong Shanshui will use BOC as a principal banker. Under the agreement, BOC will grant Shandong Shanshui a composite credit line of up to CNY3bn which may be increased subject to the business development of Shandong Shanshui and the parties’ future discussions; BOC will g... |
Egypt’s Misr Cement Qena net falls 16 per cent31 October 2011, Published under Cement NewsEgypt’s Misr Cement Qena said on Sunday its nine-month net profit fell 16 per cent from a year earlier. Net profit fell to EGP263.7m (US$44.2m) from 313.9m pounds in the first nine months of 2010, it said in a statement released by the stock exchange. The firm also said it had shut its factories indefinitely because of a strike by employees demanding higher wages. Ahmed Imam, a company official, told Reuters the firm operated one factory with production capacity of 5400tpd of cement. |
GP Goenka may Sell Stake in Andhra Cements31 October 2011, Published under Cement NewsKolkata-based industrialist GP Goenka is close to selling his controlling stake in debt-ridden Andhra Cements to the Dalmia group, which owns Dalmia Cement (Bharat)."Things are pretty close to finalisation and an announcement is likely soon," a person close to the deal said on condition of anonymity. Goenka, chairman of the diversified Duncan Goenka group, holds 45% stake in the cement maker. The size of the deal is not known yet, but industry players and analysts say any merger or acquisi... |
Dalmia in talks to acquire new cement plants, India30 October 2011, Published under Cement NewsCement maker Dalmia Bharat Enterprises is in talks to acquire newly built cement plants to expand in a market where some new entrants, facing subdued demand and rising costs, are seeking exit, its managing director said on Monday. "Our firm view is that time to invest is when there is pessimism and recession. That’s not the time to run away. That’s the time to have conviction and courage," Puneet Dalmia told Reuters in an interview. Dalmia said the company is betting on the long-term prosp... |
Industry appointment – new MPA board member, UK28 October 2011, Published under Cement NewsSimon Vivian, chief executive of Breedon Aggregates Ltd – the largest independent aggregates company in the UK, has been appointed to the board of the Mineral Products Association (MPA). Commenting on the appointment, MPA chief executive Nigel Jackson said: ‘The MPA board and council are delighted that Simon Vivian has accepted the invitation to join the board. This will ensure that the balance of the MPA board fully reflects and fairly represents the membership of the Association with five... |
Tax credit pushes Portland Cement back to profit zone28 October 2011, Published under Cement NewsA tax credit has seen Kenyan cement maker East African Portland Cement Company (EAPCC) return to the profit zone despite the weakening of the local shilling against the Japanese yen having eaten deep into its earnings. The firm reported a net profit of KES561m (US$5.7m) in the year to June compared to a loss of KES284m as its sales grew eight per cent to KES10.1bn. The return to profit was attributed to a KES680m tax credit that wiped a pre-tax loss of KES119m under a government initiative... |