Cement News tagged under: corporate
Anhui Conch Cement net profit more than doubles in 3Q26 October 2011, Published under Cement NewsAnhui Conch Cement Co., Ltd., China’s biggest cement producer by output, said its net profit soared 124.66 per cent YoY to CNY3.06bn (US$482.4m) in the third quarter of 2011. The profit upsurge was driven by increases in both cement prices and sales volume, Conch said in a statement filed with the Shanghai Stock Exchange on Wednesday. Operating revenue stood at CNY12.6bn for the third quarter, according to Conch. |
Siam Cement 3Q net profit up, Thailand26 October 2011, Published under Cement NewsSiam Cement Pcl, Thailand’s biggest industrial conglomerate, posted a 12.5 per cent rise in quarterly net profit on Wednesday, boosted by gains from the sale of a stake in olefin maker PTT Chemical. The company reported a July-September net profit of THB7.38bn (US$239.2m), or THB6.15/share, up from THB6.56bn a year earlier but lower than the THB7.5bn in the previous quarter. The result was a little lower than the consensus forecast by five analysts polled by Reuters, which was THB7.89bn. ... |
JP Morgan: European building materials 3Q previews26 October 2011, Published under Cement NewsFollowing the recent strength (+26% in the last month) in share prices across the European building materials’ sector, JP Morgan remain slightly cautious stepping into the 3Q11E reporting season. The house expect a moderation in demand growth for most companies on the back of slowing growth in Europe. However, continued growth in emerging markets is expected to support the sector’s performance during the quarter, albeit at compressed margins as pricing still has not caught up with increased ... |
Yamama Saudi Cement Co sees strong 3Q11 net profit growth25 October 2011, Published under Cement NewsYamama Saudi Cement Co posted a net profit of SAR148.6m in 3Q11, 6.3% above 3Q2010 net profit of SAR139.8m. The higher profits are attributed to a 4.8% improvement in cement prices to SAR245.8/t as well as a higher level of dispatches, up 6.8% YoY to 1.22Mt. The company’s proximity to demand centres in the central region has been key to an improved price realisation, according to Kuwait-based analysts Global Investment House. By comparison, Saudi Cement Co, located in the Eastern Province,... |
DG Khan Cement profit rises on higher prices25 October 2011, Published under Cement NewsPakistan’s second-largest producer of cement, DG Khan Cement, said its first-quarter net profit rose due to higher prices. Net income rose to PKR355.5m (US$4.1m) in the three months ended 30 September from PKR46.3m last year, said the company in a statement to the Karachi Stock Exchange. Sales rose from PKR3.7bn to PKR5.3bn. The company attributed the results to a better price realisation. Cement prices increased 25% to PKR400 for a 50kg bag in the north of the country during the quarter... |
RAK Cement sees 3Q2011 losses25 October 2011, Published under Cement NewsRAK Cement posted losses for the third quarter and the first nine months this year. During the third quarter, the company made an after-tax loss of AED11.4m, following sales of AED41.8m against a cost of sales of AED50.6m. As a result, the first nine months, saw RAK losses increase to AED16.38m from AED146,600 the previous year. Sales for the period fell by 24.2% to AED138m. The result has been attributed to a drought in new projects in the UAE following the economic downturn. In additi... |
Grasim reports improved Q2FY12 performance24 October 2011, Published under Cement NewsGrasim Industries Ltd, part of the Aditya Birla Group, has reported good results for the second quarter ended 30 September 2011, supported by improved performance of both its cement and viscose staple fibre (VSF) businesses. Net revenue increase by 28% to INR57.74bn from INR45.03bn while EBIDT increased in a similar vein from INR8.84bn to INR11.35bn. Net profit advanced by 29% from INR3.23bn to INR4.18bn. Its UltraTech cement subsidiary recorded a revenue of INR42.09bn and profit after tax... |
China Resources Cement Holdings chairman resigns21 October 2011, Published under Cement NewsThe board at China Resources announced that Madam Zhou had tendered her resignation from the positions of the chairman of the Board, the executive director of the company, the chairman of the executive committee, the member of the nomination committee and the authorised representative of the company with effect from 21 October 2011, due to her pursuit of other work allocation by the China Resources Group. Madam Zhou had confirmed that she has no disagreement with the Board and there are no ... |
BankMuscat signs OMRO. 26m loan agreement with Oman Cement Co20 October 2011, Published under Cement NewsBankMuscat signed an agreement with Oman Cement Company (OCC) for term loans totalling OMRO. 26m, which aims at refinancing and modernising OCC plants. Abdulrazaq bin Ali bin Issa, Chief Executive of the Bank signed the agreement on behalf of BankMuscat and Jamal bin Shamis al-Hooti, CEO, signed on behalf of OCC in the presence of Dr Abdullah bin Abbas bin Ahmed, chairman of OCC. The loan will be invested in funding the project to upgrade the efficiency of OCC’s kiln line and to... |
Cemex makes loan prepayment to avoid higher interest rate20 October 2011, Published under Cement NewsCemex SAB, the largest cement maker in the Americas, has paid off more than half of a US$15bn bank loan, allowing the company to avoid an increase in interest rates that was set to take effect at year-end. Cemex made a payment of US$131m, bringing the total amount paid back to US$7.66bn, said Jorge Perez, a spokesman for the Monterrey, Mexico-based company. Cemex restructured the bank debt in 2009 to avoid defaulting amid the global financial crisis. The cement maker’s bonds rallied after ... |